PHOSPHATE MINING PROJECT
Kropz targets fund raising on London’s AIM
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...
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