Online Reporter
Business Reporter
THE Zimbabwe Diamond and Allied Minerals Workers union (ZDAMWU) has backed a fresh High Court application seeking to place embattled diversified miner RioZim Limited under corporate rescue, citing “extraordinary” financial decay.
Business Reporter
THE Zimbabwe Diamond and Allied Minerals Workers union (ZDAMWU) has backed a fresh High Court application seeking to place embattled diversified miner RioZim Limited under corporate rescue, citing “extraordinary” financial decay.
The union previously filed an independent corporate rescue application against the diversified miner, which was ultimately struck down on technical grounds regarding legal standing under the Insolvency Act.
RioZim operates a highly diversified asset portfolio across Zimbabwe, spanning gold, diamonds and base metals.
Its core precious metal operations centre on three major gold mines—Cam & Motor, Renco, Dalny and a 22 percent stake in Murowa Diamonds.
The group also wholly owns the Empress Nickel Refinery.
To keep legal pressure on management, minority shareholder Mr Tendai Rwodzi filed a fresh application, and the union has formally joined by submitting a comprehensive supporting affidavit to protect its members.
The union’s submission relies heavily on RioZim’s recently published and delayed audited financial statements for the year ended December 31, 2025, which lay bare a severe liquidity crisis.
RioZim’s financial distress deepened significantly during the year under review as annual net losses increased to ZiG739,1 million, up from ZiG628,5 million incurred in fiscal 2024.
