Emerging African phosphate producer and developer Kropz has drawn down R90-million under a bridge loan from the African Rainbow Capital (ARC) Fund.
Kropz earlier this month informed shareholders that it had entered into new bridge loan facilities of R285-million with ARC Fund to meet immediate cash requirements at its Kropz Elandsfontein operation, in South Africa.
An initial R25-million was drawn down on March 14.
In addition to the Elandsfontein operations, the company is also developing the Hinda phosphate project in Congo-Brazzaville.