Kropz eyes JSE once mine is operational
Phosphate mine developer will bring its first mine into production in 2019
Kropz, a phosphate mine developer, plans to raise up to $100m in 2020, after it brings its South African project to steady-state production. The group, whose biggest shareholder is Patrice Motsepe’s African Rainbow Capital, is also considering a listing in Johannesburg. The plan is to develop the largely completed Elandsfontein phosphate project near Saldanha in the Western Cape at a cost of $16m and bring it to steady-state production of about 1-million tons of phosphate rock a year in 2020. After that, Kropz, which is traded on London’s Alternative Investment Market where it raised $35m in 2018, will look to raise $80m- $100m to develop a similar-sized mine at Hinda in the Republic of the Congo, said CEO Ian Harebottle. Phosphate, which is used to make fertiliser, is a mineral that is poorly understood in the general investor base, something Kropz will have to address if it does list on the JSE where most junior mining, development or exploration companies have struggled to gain t...
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