Western Australia minister for environment Amber-Jade Sanderson approved the project, subject to Environmental Protection Authority conditions.

BCI said the conditions will not have a material impact on the Mardie project design, costings or operations, and will be incorporated in environmental management plans to ensure impacts are minimised and managed.

"Environmental approval for the Mardie project implementation is the culmination of four years of BCI studies, surveys and consultation with multiple stakeholders," BCI managing director Alwyn Vorster said.

"BCI acknowledges the significant resources allocated by the EPA and Western Australian government over a long period leading up to this decision.

"BCI is committed to rigorously managing the environmental conditions set by the minister to ensure a sustainable multi-generational project.

"Mardie has greener credentials than most other resources projects - it will not create mining pits or waste dumps; there will be no large-scale dewatering; it will utilise an inexhaustible seawater resource and it will harness the natural energy of the sun and wind to drive production over many decades."

BCI will now cooperate with various authorities to finalise the secondary approval assessments which will enable development to begin.

The company is also working on environmental approvals for an expansion to 5.35 million tonnes per annum by late 2022.

BCI expects to start construction early next year, subject to shareholder approval of the recently announced $360 million capital raising.

Yesterday, BCI also mandated Westpac and ICBC to provide $310 million of loan facilities, including a $140 million construction facility, $120 million cost overrun facility and $50 million bank guarantee.

BCI shares jumped 7.7% to 49c, valuing the company at $290 million.