RioZim Limited has moved to dismiss a fresh application seeking to place the company under corporate rescue, calling the claims unsubstantiated and pointing to a similar case it successfully defended last year.
In a statement released on 4 May 2026, the mining group said shareholder Tendai Rwodzi, who holds 1,500 ordinary shares representing 0.0012% of the company’s issued capital, filed a court application on 22 April 2026 to have RioZim placed under rescue proceedings. Rwodzi alleges that the company is in financial distress, faces liquidity constraints, and risks failing to meet debts due within the next six months, potentially leading to insolvency.
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Book NowRioZim described the allegations as “bare and unsubstantiated” and said it will oppose the application by filing the necessary court papers in the coming days.
The company noted that this is not the first such attempt. In April 2025, the Zimbabwe Diamond & Allied Minerals Workers Union filed a comparable application based on similar grounds. Both the High Court and the Supreme Court of Zimbabwe ruled in RioZim’s favour, with the matter effectively dismissed as of 20 April 2026.
RioZim said the current application contains the same, if not more serious, technical and substantive deficiencies as the previous one. The company’s Legal counsel is confident the outcome will be the same.
“The Directors and Management of the Company reiterate that they remain committed to unlocking value for the shareholders and to cleaning up the balance sheet of RioZim Limited and attracting new capital for enhanced mining operations,” the statement read.
Shareholders and investors have been advised to exercise caution when dealing in RioZim’s securities. The company said further announcements will be made in line with regulatory requirements as material developments arise.
