RioZim Limited shareholders have unanimously approved the disposal of Renco Mine as a going concern for a consideration of not less than US$35 million.
The approval was granted at an Extraordinary General Meeting (EGM) held virtually at 10:00 hours on Wednesday, 21 October 2026. The results were certified by the scrutineers, Forvis Mazars Zimbabwe Chartered Accountants.
Under Special Resolution 1, shareholders authorized the company, subject to the provisions of the Companies and Other Business Entities Act [Chapter 24:31], the Zimbabwe Stock Exchange Listing Requirements and receipt of all necessary regulatory approvals, to dispose of Renco Mine as a Cash Generating Unit (CGU) to an unrelated third-party purchaser.
The disposal will comprise the Renco Mining Lease, the Special Grant, associated mining claims, land and buildings, plant, machinery and equipment, operational infrastructure required for the continued operation of the mine, and the assumption of specified liabilities. The transaction will be executed on the terms and conditions contained in the Sale Agreement to be entered into by the company.
The resolution was passed with 100% of votes in favour, with no votes against or abstentions.
Shareholders also passed Ordinary Resolution 2, authorizing the directors of RioZim Limited to implement the approved transaction. This includes executing all agreements, deeds and other documents necessary to implement the disposal, fulfilling or waiving any conditions precedent in the sale agreements where legally permissible, obtaining all necessary regulatory approvals, completing all registrations, transfers and filings, and performing all other acts necessary to give effect to the resolutions.
The resolution was also passed unanimously, with 100% voting in favour.
In a press release issued after the EGM, the Board of Directors thanked shareholders for demonstrating their continued confidence in the future of RioZim Limited.
