RioZim Limited lost ZiG628.5 million last year. The mining company struggled with poor production at all sites. Chairman Saleem Rashid Beebeejou said equipment keeps breaking down. The Renco and Cam and Motor mines lack backup systems. These problems made production numbers stay very low.
Gold prices went up 25 percent to US$2,389 per ounce during 2024. The company only produced 940,000 ounces of gold. Revenue fell from ZiG795.7 million to ZiG475.5 million. Low production caused the big drop in money coming into the business. The poor output matched the weak revenue numbers.
RioZim started looking for new money to fix the mines. Company leaders want to rebuild operations and make production steady again. Talks about getting cash continue with different groups. Management expects the money deal to finish very soon. The new funds should help the company recover and perform better.
Gold prices went up 25 percent to US$2,389 per ounce during 2024. The company only produced 940,000 ounces of gold. Revenue fell from ZiG795.7 million to ZiG475.5 million. Low production caused the big drop in money coming into the business. The poor output matched the weak revenue numbers.
RioZim started looking for new money to fix the mines. Company leaders want to rebuild operations and make production steady again. Talks about getting cash continue with different groups. Management expects the money deal to finish very soon. The new funds should help the company recover and perform better.
