Kropz made solid progress in 2021 despite challenges presented by the Covid-19 pandemic. Having successfully executed modifications at Elandsfontein, Kropz processed first ore in Dec’21 and expects to reach commercial output by mid ‘22. With phosphate rock (“phosrock”) spot prices more than doubling in a year, Kropz is on the brink of delivering sales into a tight market, driving 34%/57% FCF yields in FY22/23E. The Company has also reached several de-risking milestones in recent months, includin ....
