adminDIVERSIFIED miner RioZim’s gold output for the year ended December 31, 2015 rose by a significant 85 percent to 42 328,75 ounces from 22 857,5 ounces in 2014.
This was on the back of the re-opening of the Kadoma- based Cam & Motor mine in April last year, which contributed 15 873,3 ounces during the period under review.
The group’s Renco Mine, which is based in Masvingo continued to contribute the largest portion of its gold output, having produced RioZim’s entire 2014 gold production and still the bulk of the 2015 output.
The overall gold operation posted an operating profit of $5,3 million during the period under review.
However, losses at the Empress Nickel Refinery (ENR), resulting in the group posting a $150,000 operating loss.
Broadly, RioZim’s revenue was 14 percent down at $56,5 million, due to the weak mineral prices that prevailed during the period.
Going forward, the group’s management is anticipating positive outturn in the medium- to-long-term due to its restructured balance sheet as well as the resumption of operations at ENR for a return to sustained profitability. – BH24
derick.khumalo