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BCI Minerals

Salt plus potash plus iron equals value

Initiation | Mining | 07 Feb 2019

BCI Minerals (BCI) has two major assets in Western Australia, namely its 100%-owned Mardie salt and potash project and a royalty interest in a producing iron ore mine (Iron Valley). Positive cash flow from the latter, in conjunction with c A$37m in cash, is being deployed to develop the former. Notwithstanding tough conditions in the iron ore market, our base case valuation of BCI is more than double its share price.