(Alliance News) - Kropz PLC on Wednesday said Chief Operating Officer Michelle Lawrence resigned from her position, effective from January 1, with the general manager of a Kropz subsidiary set to take over.

The Africa-focused phosphate producer said Lawrence was also resigning from her role as executive director at subsidiary Kropz Elandsfontein. In order to ensure a smooth transition at Kropz Elandsfontein, she will remain as a consultant for a period expected to cover the first half of 2023.

Shares in Kropz were down 9.3% to 3.90 pence in London on Wednesday afternoon.

Kropz Elandsfontein General Manager Mark Maynard will take over as Kropz COO from January 1 2023. He is a mechanical engineer with over 25 years of experience in the mining industry and involvement in the day-to-day operations of the Elandsfontein phosphate project in South Africa since 2016. Prior to this, he worked in a variety of operational and strategic leadership roles at Lonmin PLC.

On Thursday last week, Kropz agreed to a ZAR121.5 million bridge loan facility to meet its immediate cash requirements at Elandsfontein. It reported that ZAR242.5 million remains available for drawdown over the term of the ZAR550 million equity facility.

By Greg Rosenvinge, Alliance News reporter

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