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 R 121.5 million bridge loan facility to meet its immediate cash requirements at Elandsfontein. It reported that R 242.5 million remains available for drawdown over the term of the R 550 million equity facility.

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