LocalNews

RioZim receives ‘insignificant’ payment from RBZ for gold deliveries

By Business Reporter – Monday 3 August 2020

HARARE (Mining Index) – RIOZIM says it has received an insignificant part payment of the USD 2,460,472 and ZWL 65,477,982 it is owed by the Reserve Bank of Zimbabwe (RBZ) for gold delivered to Fidelity Printers and Refiners (FPR).

“Further to the cautionary announcement dated 15 June 2020, shareholders are advised that the Company has received an insignificant part payment towards the USD and ZWL amounts due to it from Fidelity Printers and Refiners for gold deliveries made,” said RioZim in a statement.

RioZim said discussions with Fidelity and the central bank regarding payment of the long overdue sums are still in progress.

“It is therefore the Company’s hope that the issue can be resolved expeditiously to capacitate the Company to meet its operational expenditure requirements,” said RioZim.

In June this year, RioZim halted gold production owing to limited foreign currency retention which fell short of the Company’s operational and capital expenditure requirements.

RioZim however emphasised that there is no dispute between itself, FPR and the apex bank as to the amounts payable, but however highlighted the delay in payment was placing ‘enormous financial stress on the Company’. ENDS// www.miningindex.co.zw

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