RioZim Limited reported a mixed first quarter to 31 March 2026, with strong gold prices supporting the sector while production remained uneven across its portfolio. The company is now focused on ramping up Cam & Motor mine after operations restarted in Q2.
Despite ongoing global conflicts driving commodity price volatility, Zimbabwe’s local operating environment showed signs of recovery in Q1 2026. Inflation and the ZiG exchange rate were largely stable, but liquidity constraints persisted. The cost of funding remained high and short-term, limiting access to capital for working needs and retooling. Gold provided a major boost. The average price surged 70% year-on-year to US$4,873/Oz from US$2,861/Oz in Q1 2025, supporting viability in a sector that requires heavy reinvestment. Power deficits remain a key risk for mining due to reliance on consistent supply and high costs of alternative sources.
Cam & Motor mine recorded no production in Q1 2026, consistent with Q1 2025. Dewatering of flooded pits was completed before quarter-end. Plant refurbishment followed once spares arrived on site, with gold production resuming in Q2 2026. Renco mine continued its recovery after resuming production in Q4 2025. Output reached 92kg for Q1 2026, up sharply from 6kg in the same period last year. The mine focused on improving plant availability, which helped stabilize throughput and recoveries.
Going forward, emphasis is on strengthening underground operations to secure a stable ore supply and grade control.
Dalny mine remains on a small-scale model in partnership with local artisanal miners. Income from the collaboration is helping offset care and maintenance costs for the suspended operation.
The Empress Nickel Refinery remained under care and maintenance for the quarter. Diamonds Associate, RZM Murowa produced 45,606 carats in Q1 2026, up from 2,745 carats in Q1 2025. Output remains constrained by subdued diamond prices. Murowa is revising its mining model to achieve positive cash flow despite weak pricing.
The company’s priority is restoring Cam & Motor to normal production capacity following its Q2 restart. With both Cam & Motor and Renco operating optimally, the Group expects a strong recovery and a return to profitability. RioZim also plans to resuscitate exploration on greenfield and brownfield projects, which it views as critical to future growth.
