Kropz PLC Trading Update & Notice of Annual General Meeting (1570B)
05 June 2019 - 4:00PM
UK Regulatory
TIDMKRPZ
RNS Number : 1570B
Kropz PLC
05 June 2019
5 June 2019
Kropz Plc
("Kropz" or the "Company")
Trading Update
and
Notice of Annual General Meeting
Kropz plc (AIM: KRPZ), an emerging African phosphate producer,
provides the following update:
-- As part of the Company's preparation work for recommissioning
its Elandsfontein mine in South Africa (74% owned by Kropz
Elandsfontein (Pty) Ltd, a wholly owned subsidiary of Kropz plc),
and in-line with SRK Consulting's recommendations in the Company's
AIM admission competent persons report prepared as part of the
Company's admission to trading on AIM, the Company mandated Mintek,
South Africa, and Eriez, USA, to undertake confirmatory pilot scale
and other processing test work ("Pilot Test Work") to confirm the
final processing design and as identified at the time of the
Company's admission to trading on AIM. DRA Mineral Projects ("DRA")
was appointed to complete the front end engineering design.
-- At the time of the Company's AIM admission, the level of
engineering design was at a scoping study level. While additional
test work is still required, which is expected continue into Q3
2019, significant work has been done by the Elandsfontein operating
team to advance the front end engineering and design with current
indications being that:
o commissioning of the Elandsfontein plant is expected to be
delayed until Q4 2020, and
o an additional expected cost of approximately US$20m which
includes working capital, debt repayments and capital expenditure
will be required to bring Elandsfontein into production. The
Company is working to refine these costs and will update the market
in due course.
Chief Executive Officer, Ian Harebottle, commented:
"While the additional cash requirements and the delay to first
production at Elandsfontein is disappointing, due to the additional
test work still required to optimise the process flow sheet, the
Company is constantly improving its understanding of the orebody
and the processing methodology required to support the successful
and robust operation once in production. Various options are being
investigated to support the Company's additional cash requirements
for Elandsfontein, and to further advance its Hinda and Aflao
projects."
The Company also announces that its Annual General Meeting
("AGM") will be held at the offices of Memery Crystal LLP at 165
Fleet Street, London EC4A 2DY on 28 June 2019 at 11:00 a.m. The
Notice of AGM, which is being posted to shareholders today, can
also be found on the Company's website.
The Company's Annual Report for the year ended 31 December 2018
will be published and posted to shareholders ahead of the AGM.
The AGM will deal with the business set out in the Notice of AGM
and Kropz will send out a notice of a further general meeting of
shareholders to consider the Annual Report when published.
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
For further information visit www.kropz.com or contact:
Kropz Plc
+44 (0) 1892 516
Ian Harebottle (CEO) 232
Nominated Adviser
Grant Thornton UK LLP
Richard Tonthat
Samantha Harrison +44 (0) 20 7383
Ben Roberts 5100
Joint Broker
Hannam & Partners
Andrew Chubb +44 (0)20 7907
Ernest Bell 8500
Joint Broker
Mirabaud Securities
Ltd
Rory Scott +44 (0)20 3167
Edward Haig-Thomas 7221
Financial Public Relations & Investor
Relations (UK)
Tavistock
Emily Fenton +44 (0) 207 920
Jos Simson 3150
Oliver Lamb kropz@tavistock.co.uk
Public Relations (South Africa)
Russell & Associates
Charmane Russell +27 (0)11 880
James Duncan 3924
charmane@rair.co.za
About Kropz Plc
Kropz is an emerging plant nutrient producer with an advanced
stage phosphate mining project in South Africa, a phosphate project
in the Republic of Congo ("RoC") and an exploration asset in Ghana.
The vision of the Group is to become a leading independent
phosphate rock producer and to develop into an integrated,
mine-to-market plant nutrient company focusing on sub-Saharan
Africa.
Kropz's Elandsfontein Phosphate Project is a near-term producing
asset in South Africa's Western Cape Province, close to export
infrastructure and primed to take advantage of a recovery in
phosphate prices.
The Company's medium-term development asset is the Hinda
Phosphate Project in the RoC.
The Company has also secured a prospecting right in Ghana, to
undertake further exploration work on the Aflao Project, the
potential extension of the well-known, high grade and historically
exploited Hahotoe-Kpogame-Kpeme deposit in Togo.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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