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Kropz raises R488m on LSE

Kropz, the majority shareholder of the Elandsfontein mine, believe the market for fertiliser will improve by the time it starts production at the mine.

Kropz hopes to export the phosphate mined at its operation, just outside Hopefield.

The company listed its ordinary shares on the AIM market London Stock Exchange on Friday 30 November.

The company has raised gross proceeds of about £27,3 million (around $35 million or R488 million) as part of the admission. These proceeds are before expenses with new UK, South African and international shareholders, as well as existing shareholders.

“We’re also delighted to announce the acquisition of a majority shareholding in Cominco which owns the Hinda Phosphate Project in the Republic of Congo.

“Hinda is believed to be one of the world’s largest, undeveloped phosphate reserves after a positive definitive feasibility study in 2015,” explained Ian Harebottle, Kropz CEO.

According to Mining Weekly, the Elandsfontein mine operation is expected to start production towards the end of the second half of 2019.

Locally various residents and civic groups have raised concerns about the long term effect of the project, especially on the groundwater. Mine operations are situated above the Elandsfontein aquifer, one of the largest freshwater, underground water masses in the region.

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