Ann: NAIF Approval of A$450M Loan for the Mardie Project, page-10

NAIF APPROVAL OF A$450M LOAN FOR THE MARDIE PROJECT

• The Northern Australia Infrastructure Facility (‘NAIF’) has made an Investment Decision to provide a A$450M loan facility with a 15-year tenor for the Mardie Salt & Potash Project
• The loan approval is subject to various conditions and completing facility documentation
• NAIF’s positive decision follows detailed technical, approvals, financial and market due diligence over an extended period by NAIF and endorsed independent experts
• Mardie can generate significant third-party economic benefits for northern Australia and its development will include a new port facility available to other users
• This NAIF facility will account for a significant proportion of the full Mardie development funding requirement, with additional debt facilities being negotiated with commercial banks
• Subject to project approvals, tenure and funding being secured, the BCI Board targets a final investment decision by Q2 2021

"BCI’s Managing Director Alwyn Vorster said “We are pleased to receive conditional NAIF Board approval for a A$450 million long tenor loan. This loan will be the largest NAIF allocation to a WA based company to date and recognises the potential long-term benefits which Mardie will bring to the region, including new port infrastructure available to third party users. Importantly, the loan will also provide significant momentum for BCI to secure the remaining debt and equity funding components required for Mardie’s development. We acknowledge the strong support from various Federal and WA State Government ministers and departments.”

Just sensational news.....!!!!