RioZim Limited reported a net loss of ZiG628.5 million for the 2024 financial year. The mining company struggled with persistent low production across its operations. Frequent equipment failures at Renco and Cam and Motor mines hampered output significantly.
Despite a 25 percent increase in gold prices to US$2,389 per ounce, the company's gold production remained low at 940,000 ounces. Revenue declined to ZiG475.5 million from ZiG795.7 million in the previous year.
The company has launched capital raising efforts to recapitalize its mines and stabilize production. RioZim expects the upcoming capital injection will be critical for its recovery and future performance.
Despite a 25 percent increase in gold prices to US$2,389 per ounce, the company's gold production remained low at 940,000 ounces. Revenue declined to ZiG475.5 million from ZiG795.7 million in the previous year.
The company has launched capital raising efforts to recapitalize its mines and stabilize production. RioZim expects the upcoming capital injection will be critical for its recovery and future performance.
