17 Oct South African phosphate miner Kropz confirms London listing
South African fertiliser company Kropz has confirmed it will list on London’s Alternative Investment Market (AIM) by the end of the month and appointed a former BHP board member as its chairman.
The company plans to use funds raised by the IPO to progress its Elandsfontein phosphate project on South Africa’s West coast. The project is currently in care and maintenance after running for six weeks in 2017 and needs around US$16 million to get back into production.
Meanwhile, Kropz has chosen former BHP board member and British high commissioner to South Africa Lord Renwick of Clifton as its non-executive chairman. Joining Clifton are a further three board members.
Former Mosaic research and development chief Mike Daigle, accountant Linda Beal and African Rainbow Capital director Machiel Reyneke have each been appointed non-executive directors of the company.
Kropz’s chief executive Ian Harebottle said: “The combined expertise of the proposed new members of the board will assist the development of Kropz as a company and the Elandsfontein project.
“We are delighted to welcome them to the Kropz team and look forward to their contributions towards the company achieving its objectives and vision.”
Production at Elandsfontein could recommence in the second half of 2019 if the IPO and final testing go to plan. The phosphate market is currently experiencing a 10-year price low environment, driven by oversupply and weakened demand.