RIOZIM Limited’s (RioZim) operations have been improved by the reopening of Renco Mine following a landmark capital-raising exercise that provided the much-needed funding to restart and stabilize operation. Renco mine has since produced over 50kgs of gold and is looking forward to sustainable growth in production.
The mine general manager, Blessing Katiyo said, “Ever since the resumption of operations in September, we have been working hard to ensure that the mine is stabilized. This goal is surely being achieved as we have seen a steady rise in production. The workers and management are all keen to improve on production, having received our full salaries since July 2025. The workers are also happy that the agreed payment plan for the arrears is being adhered to. At this moment, we can only look forward to a bright future for Renco.”
The company is also now in a position to settle creditors obligations, and ensure consistent payment of employee salaries, contrary to reports that the company was in financial distress.
This comes as more than 450 RioZim workers have lodged affidavits with the High Court to oppose a corporate rescue application by ZDAMWU, a labour union which has scant representation within the workers, asserting the company has demonstrated a commitment to paying salaries since July this year and claiming that had the rescue application not been launched, they would have been saved from the irreparable prejudice which they were now suffering because of the delay in signing a settlement agreement with the company.
The reopening of the mine in September represents a critical step in RioZim’s broader recovery and restructuring plan and a definitive statement that the company is back on the path of growth, not decline.
Between mid-September and October, Renco Mine produced approximately 50 kilograms of gold, signalling a strong return to productivity and confirming the viability of its renewed operations. The restart has also safeguarded over 1,200 jobs, ensuring continued livelihoods for families and communities that depend on the mine.
This milestone, combined with resumed activity across RioZim’s other operations, underscores the company’s transition from a survival phase to one of strategic recovery and growth, with profitability prospects strengthened by sustained high gold prices.
Operational gains have been supported by a favourable international gold market, where prices have remained above the US$4,000 per ounce levels, translating into a significant revenue upside for producers.
RioZim’s revival is not accidental. It is a deliberate, well-orchestrated process anchored on a clear vision that is of restoring operational reliability, rebuilding financial credibility, and leveraging Zimbabwe’s strong mining fundamentals. The company’s asset portfolio remains substantial, comprising the Renco, Cam & Motor, and Dalny gold mines, together with a growing presence in base metals.
Not only is the reopening of Renco Mine symbolic, as a precursor for the rising of RioZim back to greatness but it is also a harbinger of financial stability and growth. It marks the end of a difficult phase where constrained liquidity, power outages, and operational interruptions forced the company into a holding pattern.
Speaking on the future, the Chief Executive Officer of RioZim, Mr Rajgopal Swami, said, “We have struggled with the impediments placed in our path but, with the support of all our stakeholders- employees, creditors, shareholders, governmental departments and ministries, we have overcome and will continue to move steadfastly forward to restoring this company to its former glory.”
“Our future lies in our hands and if we all pull together we can shape it to our will. Riozim reaffirms its commitment to serving the community and the country by increasing production and profitability for the benefit of all its stakeholders.”
