RioZim Limited (RIOZ.zw) Increases Power Supply and Stabilises Production with 20% Increase in Production
The operating environment for the quarter was challenging due to depreciating inflation rates and exchange rates, as well as acute load shedding and power supply issue. The nostro retention for exporters was increased to 75%, though this has not been enough to counter the high cost of production. The gold price trended upwards and crossed the US$2,000/oz margin, providing some cushion and increase of the overall average gold price at US$1,858/oz.
The Group's focus is to stabilise power supply to ensure constant plant throughput. They are investing in alternative power, though it comes at a high cost. Exploration is at the centre of the Group's expansion plan and they are expanding exploration activities across the Group's resource portfolios.
RioZim is an integrated mining and metallurgical company in Zimbabwe with an extensive portfolio of resources in gold, base metals, diamonds, coal and chrome. It mining operations include Renco Gold Mine in Masvingo Province, and Cam & Motor Gold Mine and Empress Nickel Refinery; both in the Mashonaland West Province. RioZim also has interests in Sengwa Colliery (Private) Limited with coal assets in Gokwe North; Murowa Diamonds (Private) Limited with operations in Zvishavane; and Marnatha ferrochrome refinery in Kadoma. RioZim separated from its parent company, Rio Tinto plc, in 2004 to become a wholly-owned Zimbabwean company. Its subsidiaries include RioGold (Private) Limited, RioZim Base Metals (Private) Limited and RioDiamonds (Private) Limited. RioZim Group Limited is listed on the Zimbabwe Stock Exchange
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