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RioZim resumes operations

by Ndou Paul
15 Feb 2019 at 09:45hrs | Views
Zimbabwe listed and diversified miner, RioZim has resumed operations at its three gold mines that had it voluntarily shut down earlier this month after failing to access foreign currency from bullion sales through the Reserve Bank of Zimbabwe.

This comes after RioZim issued a cautionary announcement announcing the closure of three mines due to viability challenges caused by its failure to access foreign currency from the RBZ.

In a notice published today, RioZim notified its shareholders that the Company's gold operations have resumed full production as normal. This development follows the fruitful discussions held with the Reserve Bank of Zimbabwe.

"Further to the Board's Press Statement published on the 8th of February 2019, RioZim Limited wishes to notify all of its stakeholders that the Company's gold operations have resumed full production as normal. This development follows the fruitful discussions held with the Reserve Bank of Zimbabwe which facilitated the clearance of all arrear payments thus allowing the Company to resume its normal operations," Wilson Gwatiringa, corporate affairs executive for RioZim said on Friday.

Mines Minister, Winston Chitando, recently said the government was working on measures to ease the foreign currency crunch that is weighing down miners.


RioZim's gold mines include Renco, Cam and Mortar and Dalny. The company also owns the Empress Refinery, the Murowa Diamond mine and some coal assets but had said it required immediate access to its forex earnings from bullion sales to sustain operations.




Source - Byo24News

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