RioZim suspends plans to sell mines after court ruling

RioZim is suspending plans to sell its mines after a court granted unions opposing the deal interim relief.

 

RioZim had been in “advanced talks” with prospective investors for a majority stake in exchange for a US$20 million capital injection.

 

However, unions want the company placed under corporate rescue to address salary arrears.

 

The miner’s troubles deepened last year as gold output plunged 54%, even as peer producers expanded operations to ride on record-high gold prices.

RioZim Limited is a leading mining and metallurgical company headquartered in Harare, Zimbabwe. Established in 1956, the company has a rich history and has grown to become one of the key players in Zimbabwe’s mining industry.

 

It operates in the mining and metals industry, with a diversified portfolio that includes gold, coal, nickel, copper, and platinum group metals (PGMs).

 

Its core business activities focuses on the exploration, mining, and processing of precious and base metals. Key operations include the Renco gold mine in Masvingo, the Cam & Motor gold mine in Kadoma, and the Sengwa coal deposit in Gokwe North.

 

Additionally, the company holds significant stakes in the Empress Nickel Refinery and the Murowa diamond mine, showcasing a strong presence across Zimbabwe’s mineral-rich regions.

 

The company has demonstrated resilience through operational challenges, continually innovating to maximise production and optimise resource extraction.

 

RioZim’s integrated approach combines mining and metallurgical expertise to deliver high-quality products to domestic and international markets.

 

RioZim is a publicly listed company on the Zimbabwe Stock Exchange, renowned for its leadership in the mining sector. Its competitive strengths include a robust asset portfolio, strategic resource management, and a commitment to sustainable development.

 

With a well-established presence in Zimbabwe, RioZim is poised for growth as it seeks new opportunities to expand its footprint and diversify its operations.

 

Zwnews