Kropz subsidiary makes second drawdown from loan
Aim-listed Kropz’s subsidiary Kropz Elandsfontein has made a second drawdown of R50-million from a previously announced loan with the ARC Fund.
On December 8, the emerging African phosphate producer and developer announced that Kropz Elandsfontein and ARC Fund had agreed to a R250-million loan facility.
Therefore, R100-million remains available to draw down on the loan.
As previously reported by Mining Weekly, Kropz’s Elandsfontein operation, in South Africa, is still ramping up its operations and has yet to achieve break-even production levels and, therefore, requires additional working capital.
The loan extended by ARC Fund will be used by Elandsfontein to fund its cash flow and operational expenditure needs.
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