BCI Beautiful Compounding Investment, page-1349

Back on an ‘Asian’ time zone so a little easier to post.

Cheers, Mansell.

Sadly, just like the vast majority of posters/readers here on HC, I have no idea what is actually causing the delays to final approvals, and therefore commencement of operations and pond filling.

Maybe someone should call Aus Super & ask them?

It’s obviously to do with the GMMP, so my principal theory around delays is that the data required from those last monitoring test boreholes around Pond 6 – 9 aren’t sufficient for the feds to approve. You may recall those last dozen or so monitoring holes were not put in place until late last year, so the feds may well believe there hasn’t been a ‘full calendar year’ of data to review.

But again, that’s my best guess.

However, I would also suggest that, given the ‘Breach of Conditions’ resulting from the Dec 23 seawater pumping incident, there may also be a bit of a ‘go slow’ by the feds. Now, I don’t believe they would do such things but, let’s be honest, who could blame them?

I would have thought that when the new MD started at BCI in late 22’, the first document he would have been given to read and memorise was the Mardie ‘Ministerial Statement 1175’, which emanated from the original Mardie Project approvals. That document clearly stated –


3-3 The proponent shall prepare and submit to the CEO of the EPA a Groundwater Monitoring and Management Plan.
(2) The proponent shall not commence transfer of seawater, brine or waste product into any evaporation or crystalliser ponds associated with the proposal until the CEO of the EPA confirmed by notice in writing that the Groundwater Monitoring and Management Plan meets the requirements of condition 3-4.

Seems pretty obvious to me.

Of course, come Dec 23’, the GMMP had still not been approved - submitted yes - but for some strange reason, BCI decided to test the Seawater Intake Pumps, and did so by pumping 50ml into Pond 0.

Where did that approval come from?

The compulsory Compliance Report states –
"Mardie Minerals has not commenced operations as of 21 February 2024, however, an incident on 28 December 2023 resulted in up to 50 ML of seawater entering Pond 1. Commencement of the operation is defined as ‘the first instance of transferring seawater into any evaporation pond as part of the action’. At this time, the Research Project Proposal had not been approved as required for seawater to enter the evaporation ponds. This incident occurred during commissioning of the Primary Sea Water Intake (PSWI) and once identified the PSWI pumps were switched off. The Environment team became aware of the incident on 2 January 2024 and DCCEEW was notified on 4 January 2024 and an incident report was submitted on 17 January 2024."

In instances like this, its always interesting to fall back on company ‘principals and values’. I note again with great interest that the MD has recently reinfored “Take Responsibility” and “Do the right thing” as new management values, amongst many others.

So who at BCI approved the commissioning of the PSWI in Dec 2023?

Anyway, the ongoing delays and the lack of clarity from the company are extremely frustrating for all holders.

Will we receive ANY clarity around the reasons for the delays from the company? I seriously doubt it.

GLTAH.