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Kropz PLC - African phosphate developer - Reports slower than expected progress in the ramp up of operations at Kropz Elandsfontein Pty Ltd. Explains that the delay was largely caused by the need to re-engineer parts of the fine flotation circuit, "early unpredicted ore variability", and lack of operator experience. Says this will result in the production of sufficient phosphate rock concentrate for the first bulk sale to be achieved later in the second quarter than planned. Says delay will also result in in a funding requirement of ZAR58 million, roughly GBP2.9 million, at the end of April. In order to cover part of this, Kropz will draw down remaining ZAR33 million of a ZAR200 million conditional convertible equity facility and has agreed a further ZAR25 million bridge loan facility with ARC Fund.
Current stock price: 8.00 pence, down 30% on Wednesday
12-month change: down 5.9%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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