malvernmugadzikwa
Business Writer
Mining firm, RioZim, revealed that there was a notable decline in Lost Time Injuries (LTI) across the group, totalling nine in 2022 compared to 14 recorded in 2021.
While the mining sector is prone to disasters and accidents, RioZim remains committed to its strategic pillar of zero harm.
The group has invested significantly in improving the health and safety of employees at the workplace.
However, the group recorded two fatalities.
“Earlier in the year, one employee was involved in a road traffic accident whilst on duty at Cam and Motor Mine. The employee sustained injuries which resulted in the first fatality of the period.
“The second fatality occurred at the Dalny Pit when an employee slipped and drowned whilst working on a dewatering pump,” the miner said in its 2022 annual report.
Analysts say companies with high LTIs risk damaging their reputation, leading to a loss of trust among customers, investors and other stakeholders.
RioZim gold production declined 17 percent to 929kg in 2022 from 1122kg produced in the prior year.
Despite the drop in gold output, which was mostly caused by the local currency’s devaluation versus the US dollar, the group’s income for the year was $20.6 billion, an exponential growth over $5.8 billion the year before.
RioZim closed its last trading day (Friday, December 1, 2023) at $800 per share on the Zimbabwe Stock Exchange.
The miner began the year with a share price of $140.10 and has since gained 471 percent on that price valuation, ranking it 32nd on the ZSE in terms of year-to-date performance.
The miner has pinned its future group performances to the newly installed BIOX Plant situated at Cam and Motor Mine.
By investing in excess of US$100 million, the group delivered two milestone high-tech expansion projects to secure the future of the company, these being, the Biological Oxidation (BIOX) plant at Cam and Motor Mine and Project Crown Jewel 500tph plant at RZM Murowa.
“These two multimillion dollar investments in the company came in the face of a mix of macroeconomic adversities, power shortages and increased global uncertainty,” the company said.
In a yearly report, RioZim chairperson, Saleem Rashid Beebeejaun said: “The future prospects of the group are underpinned on the successful performance of the BIOX Plant at Cam and Motor Mine and the 500 tonne per hour plant at RZM Murowa once all the necessary teething challenges are addressed.”
RioZim says plant recoveries are forecast to stabilise at Cam and Motor Mine going forward as the Mine has now gained considerable understanding of the operating modalities of the BIOX plant.
Bongani Ndlovu