adminHowever, the miner, which is struggling to raise capital to re-invest in its operations, recorded a 14 percent increase in revenue last year to US$54,5 million.
RioZim, which released its delayed annual results yesterday, said the hold-up had been caused by errors in compiling the financials.
“Subsequent to the year end, management and directors became aware of an error in the accounting treatment for certain metals delivered to third parties,” RioZim said.
“These deliveries were previously accounted for as sales of the group’s own inventory,” the company added.
Shareholders suffered a US$0,41 loss on their shares.
The release of the financial statement paves the way for the mining company to proceed with its 56th Annual General Meeting.
The AGM had been put on hold because of the delay in the releasing of the statement.
The delay had put the company at risk of contravening the Companies Act.
According to the Act, an AGM is supposed to be held within six months after the end of every ensuing financial year of that company or within not more than 15 months after the date of the last preceding such meeting of that month.
RioZim, which has its year-end in December, postponed the AGM that was scheduled May 22, 2012.
The Securities Commission of Zimbabwe said at the time of the postponement that if any company fails to hold the meeting within the stipulated time lines they could apply for an extension to the Registrar of Companies.
RioZim separated from Rio Tinto plc in 2004 and is now majority owned by locals.
The company’s subsidiaries include Sengwa, Renco Empress Nickel Refinery and Murowa Diamonds.
Reports indicate that the miner has since announced its intention to dispose of its 22 percent stake in Murowa Diamonds. — New Ziana.
Online Reporter