Online Reporter
Business Reporter
RIOZIM says a successful turnaround is “highly probable” despite significant financial challenges, asserting that restoring confidence among key stakeholders remains the group’s paramount objective.
This comes as the company implored the Zimbabwe Diamond and Allied Workers union (ZDAMWU) to cease what it terms “hurdles” to its revival, pointing out that the union’s recent court application to place the company under corporate rescue was delaying a crucial payment plan for employees.
In an interview with this publication, RioZim chief executive Mr Rajgopal Swami said the diversified resource firm was “at the cusp of a breakthrough,” just days away from presenting a “secured payment plan along with a substantial down payment” to its employees.
He acknowledged stakeholder concerns and pledged to address them through transparency, accountability, and consistent engagement.
Mr Swami emphasised that the company’s future hinges on unity and a shared commitment to long-term recovery, urging key parties, including workers, shareholders, and creditors, to collaborate.
“We are actively implementing a long-term recovery strategy, including the pursuit of funding initiatives and operational restructuring,” said Mr Swami.
“These efforts aim to stabilise operations, meet employee obligations, and ensure the sustainability of the business.
“Our people are the foundation of RioZim’s resilience. We remain unwavering in our commitment to protecting jobs, fulfilling our obligations, and securing a stable future for our workforce and their families.
“We ask our employees to stand strong and united as we work through this recovery journey together.
“We urge all employees to remain focused and not be distracted by misinformation or unrealistic promises.”
RioZim, a significant player in Zimbabwe’s mining sector with gold, diamond and coal assets, is grappling with severe financial and operational challenges that have significantly hindered its growth since 2022.
