adminRiver Ranch Diamond Mine is located along the border with South Africa, near Beitbridge in southern Zimbabwe.
Rani Investment, which is owned by Saudi businessman Mr Adel Aujan, is an investment holding firm for the Aujan Group with more than US$300 million of dedicated investments in the Middle East and Africa.
The move comes as Rani Investment realigns its financial and management resources to focus on its core business in hospitality and tourism in Zimbabwe and the region.
The company owns a hotel in the Zimbabwe. The decision to sell its stake to the appropriate Government entities came about as efforts to recapitalise the mine, through input from the minority shareholders, have failed in the past few months.
A source from Rani Investment said it would be strategic to sell its shares to the Government since it is currently consolidating mining activities in the interests of the country’s citizens.
“It (Government) would, we believe, be in the best position to develop and expand the mine’s operations,” said the source.
Mr Aujan injected a total of US$41,4 million in loans into Limpopo Mining between February 1999 and October 2001, and in 2004 appointed a new board to oversee operations at the mine.
Online Reporter
- Herald
- September 17, 2026
- 6 views
Govt ups ante on reforms to boost industry
Nqobile Bhebhe Zimpapers Business Hub The high cost of regulatory compliance is an albatross around the neck of local industry, prompting the Government to intensify reforms to make the business…
