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- BCI Minerals (BCI) increases group net profit after tax (NPAT) from $0.4 million in FY20 to $22 million in FY21
- BCI attributes this to its Western Australian Iron Valley mine roughly tripling its earnings before interest, tax, depreciation and amortisation to $69.5 million
- Around 6.1 million tonnes of iron ore was shipped from the mine during FY21 which generated $160.5 million in revenue — up from $77.2 million in FY20
- At the end of June, BCI Minerals had $79.4 million in cash and no debt
- Company shares are up 5.81 per cent to trade at 45.5 cents at 12:35 pm AEST
BCI Minerals (BCI) has experienced a significant increase in group net profit after tax (NPAT) for the 2021 financial year.
NPAT totalled $22 million which is up from just $0.4 million in FY20. The company attributes this to positive earnings from the Iron Valley mine which was driven by higher iron ore prices.
The Western Australia-based mine’s operator, Mineral Resources, shipped 6.1 million tonnes over FY21 which generated revenue of $160.5 million — up from the $77.2 million in revenue at the end of FY20.
The company also recorded full-year group earnings before interest, tax, depreciation and amortisation (EBITDA) of $28.9 million which is up from $8.3 million last year.
However, EBITDA from Iron Valley alone totalled $69.5 million in FY21 compared to $23 million by June 30 2020.
BCI focused on completing an optimised feasibility study (OFS) and progressing funding, approvals and offtake aspects of the Mardie Salt and Potash Project in WA.
Total expenditure at Mardie increased from $26.3 million in FY20 to $52.1 million in FY21.
Mardie aims to produce 5.35 million tonnes of high-purity salt and 140,000 tonnes of sulphate of potash (SOP) per annum to supply the Asian SOP markets.
However construction, and subsequent production, can only get underway once BCI has received ministerial approval as well as associated secondary approvals.
At the end of June, BCI Minerals had $79.4 million in cash and no debt.
Company shares were up 5.81 per cent to trade at 45.5 cents at 12:35 pm AEST.
