Kropz, an emerging plant nutrient producer, plans to raise $50m on the London Stock Exchange’s AIM platform aimed at small companies. The money will be used to complete an advanced-stage phosphate mining project in SA. CEO Ian Harebottle said its flagship Elandsfontein project in the Western Cape would be one of a few new mines to come onstream in SA in several years and was a vote of confidence in the industry’s future. However, he said the privately held company had opted to first raise funds abroad where it could access a broader pool of investors and avoid the perils of rand volatility. The Elandsfontein project, in which the company has already invested $120m to date, has been suspended since July 2017 following a bid by environmentalists to have its water-use licence revoked. Kropz opted to list on the AIM over a South African equivalent, such as the JSE’s AltX, because it provided broader access to funds and enabled the company to talk to people through a global platform, Har...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.