https://www.miningweekly.com

Kropz inks equity facility with ARC Fund to capitalise ongoing Hinda work

26th February 2021

By: Donna Slater

Features Managing Editor and Chief Photographer

     

Font size: - +

Aim-listed emerging African phosphate explorer and developer Kropz has entered into a $5-million conditional convertible equity facility with major shareholder ARC Fund to finance the ongoing work at Kropz’s Hinda phosphate project in Congo-Brazzaville.

The new facility is in addition to the $40-million facility which ARC and Kropz entered into in May 2020.

The equity facility will be drawn down on a quarterly basis at the discretion of Kropz, with the first quarterly amount to be drawn down on March 10.

The facility is convertible following a draw down into newly issued ordinary shares of 0.1p apiece in the capital of Kropz at a fixed price of 4.202p apiece and a fixed exchange rate of $1 to £0.73 at each quarterly draw-down.

HINDA

Earlier in February, Kropz appointed engineering and construction firm Hatch Africa to complete an updated feasibility study on Hinda, which will target a phased approach in line with the terms of the mining investment agreement, with initial production of one-million tonnes a year of phosphate rock being exported from the existing port facility at Pointe-Noire, which is 50 km from Hinda.

A second phase production ramp-up will also be evaluated with export from a new port site, located north of Pointe-Noire.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ASTPM
ASTPM

Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...

VISIT SHOWROOM 
AirNox Pty Ltd
AirNox Pty Ltd

AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.072 1.174s - 110pq - 2rq
Subscribe Now