Online Reporter
Business Reporter
RIOZIM Limited has announced a net loss of ZiG628,5 million for the year ended December 31, 2024.
The mining conglomerate attributed the downturn primarily to persistent low production across its operations.
Board chairperson Mr Saleem Rashid Beebeejou highlighted that frequent plant breakdowns and a lack of redundancy at mines like Renco and Cam and Motor exacerbated production woes.
Despite a 25 percent increase in the average gold price to US$2 389 per ounce, the group’s gold production remained low at 940k, leading to a substantial drop in revenue to ZiG475,5 million from ZiG795,7 million in the previous year.
This low revenue was in line with the subdued production for the year.
In response, RioZim has initiated capital raising activities to recapitalise its mines and stabilise production, with discussions ongoing.
The company anticipates that the conclusion of the capital injection, which was imminent at the date of approval of the financial statements, will be a crucial step towards recovery and improved performance.
