Kropz said that its subsidiary Kropz Elandsfontein has further extended a loan facility of 250 million South African rand ($13.3 million) to meet immediate and near-term funding requirements at the Elandsfontein project in South Africa.
The phosphate company said Thursday that the loan will be used to increase operational capacity and assist in meeting its creditor obligations with BNP Paribas.
The company added that Elandsfontein phosphate sales are below expectations due to mine production constrains as the region was affected by unprecedented seasonal rains.
Kropz Elandsfontein owns a 74% interest in the project. The remaining 26% is held by African Rainbow Capital (ARC) Fund.
Write to Michael Susin at email@example.com