Kropz secures R285m bridge loan from ARC
Emerging African phosphate producer and developer Kropz's Elandsfontein subsidiary, in South Africa, has secured R285-million in bridge loan facilities from the African Rainbow Capital (ARC) Fund to meet the immediate and additional near-term funding requirements as it progresses commercial sales.
Kropz reports that it sold a further 20 000 t of phosphate concentrate from Elandsfontein but that, as with the first bulk sale recorded in January, concentrate production is still not yet at optimal quality, resulting in the concentrate being sold at a discount to current market prices.
Plant modifications and adjustments to processing parameters have resulted in significant improvements in daily throughput and quality but further optimisation is required, it states.
It adds that a shortage of fatty acid – a flotation reagent – is also being experienced owing to unexpected shipping delays from the US. This is, in turn, resulting in lower mass recovery in the direct flotation circuits.
A locally sourced alternative product is being trialled, while various shipping options have been implemented with the US supplier, but this delay in Kropzs' ability to consistently achieve bulk sale revenues at market price has resulted in an immediate funding requirement of R25-million for Elandsfontein.
Kropz will immediately draw down R25-million from the bidge loan with ARC.
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