Rio Tinto’s energy projects at funding stage, no significant progress reported

Business Writer

MINING concern Rio Tinto Limited says its planned 178 MW Solar and Sengwa projects are both at funding stage and continues engagements with stakeholders for a potential funding arrangement.

However, group chairman, Mr Saleem Beebeejaun, in a statement for financials for the half-year to June 30, 2024 said there is no notable movement.

“There has been no movement on the Company’s energy projects being the 178 MW Solar Project and Sengwa Project as both are now at funding stage and the Company continues engagements with various stakeholders for a potential funding arrangement. Our stakeholders will be kept informed of any notable developments,” said Mr Beebeejaun.

The 178 MW solar project, when complete, will service Rio Zim’s mines, namely Renco, Cam and Motor and Dalny Mine.

In addition, the group has over the years pinned its power supply hopes on the 2 800 MW Sengwa Power Station.

The Sengwa project started as a joint venture between Rio Tinto Zimbabwe Limited and RTZ Mining & Exploration Limited, in 1994.

The Sengwa coal deposit is situated in North Western Zimbabwe and has proven ore reserves in excess of 525 million tonnes.

The power station project is based on a coal resource of 1,3 billion tonnes, capable of generating up to 2 000MW of power, almost as much as Zimbabwe’s total installed capacity.