kropz plc said friday that it has reached a further 126 million south african rand 70 million bridge loan agreement with its major shareholder to fund the delayed elandsfontein phosphate project in south africa the phosphate company said that it has agreed with arc to a further bridge loan to meet immediate cash requirements at elandsfontein to the end of october 2022 the company said on aug 9 that it will require an immediate funding of 605 million south african rand or around 34 million due to delays in the rampup of its elandsfontein phosphate project the mining rates and ore delivery have been compromised by the presence of previouslyunknown hard material within the orebody which cant be mined using freedigging methods the new zar126 million loan is in addition to a previous zar1215 million bridge loan kropz and arc entered into intended to meet cash requirements at elandsfontein through to the end of august the new loan is unsecured repayable on demand and has no fixed repayment terms interest is payable at the south african prime overdraft rate plus 6 and compounded monthly