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RioZim withdraws cautionary statements

LISTED miner RioZim Limited has withdrawn its June and July cautionary statements in which it warned of the impact of delayed gold payments, saying engagements with the central bank over the matter have been fruitful.

In June and July this year, RioZim said it was owed US$2,4 million and $65,5 million by Reserve Bank of Zimbabwe’s Fidelity Printers and Refiners (FPR), a situation that was crippling its operations.

“Shareholders are referred to the cautionary announcements dated June 15, 2020 and July 8, 2020 regarding the impasse between the company, Fidelity Printers and Refiners (Fidelity) and the Reserve Bank of Zimbabwe (RBZ) over outstanding payments for gold deliveries made by the company,” the statement read.

“The company would like to advise its valued shareholders that engagements with the RBZ have been fruitful. The RBZ and Fidelity have been making part payments to the company with a view to clearing outstanding amounts and have assured the company of timely payments for gold deliveries going forward.”

As a result, the company said its operations were close to normal capacity.

“Accordingly, caution is no longer required to be exercised by shareholders when dealing in their securities,” it said.

The diversified miner, which also has interests in diamond, coal and nickel processing, at the time revealed that payment delays for gold deliveries to FPR had remained consistent albeit the payments being intermittent. This had resulted in stock-outs of key raw materials required in the production of bullion.

RioZim operates three gold mines namely Renco Mine in Masvingo, Cam and Motor in Kadoma and Dalny Mine in Chakari.

SOURCE – Newsday

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