RioZim Launches Gold Processing Plant
October 28, 2016 Business
Walter Muchinguri recently in Kadoma
Zimbabwe Herald
RioZim yesterday launched its $10 million Cam and Motor Mine gold processing plant, which will triple production putting it on course to becoming the biggest gold miner in the country.The plant has capacity to process 2 400 tonnes of ore per day and has a recovery potential of 93 percent. The company is expected to increase its gold production to about 130 kg per month which will give the mining group a combined output of 200kg per month together with the 70 kg being mined at Renco mine.
Prior to the launch Rio Zim had been processing 700 tonnes at Old Dalny Mine at Chakari, approximately 50 km away from Kadoma. The firm’s outgoing CEO, Mr Noah Matimba said the launch of the plant epitomises the growth trajectory of Rio Zim.
“This tells a story about who we are as Rio Zim, we have gone through a lull period and today is a sign of the awakening of a sleeping giant,” he said.
He added that it also a testimony of fact that the economic situation is not necessarily a stumbling block to business.
“The current environment should not be seen as an impediment but purely a challenge that can be overcome,” he said.
He paid tribute to the company’s shareholders for supporting a rights issue proposed by the company in 2015 which raised $10 million that made the project possible. Mr Matimba said that the launch of the plant was part of the growth trajectory that Rio Zim is pursuing which is premised on organic growth and non-organic growth based on mergers, acquisitions and alliances.
He also paid tribute to Zimbabweans who were responsible for putting up 97 percent of the plant under the instruction of the Chinese manufacturer. Rio Zim Board chairman Mr Lovemore Chihota said that the investment was an indication of the company’s commitment to Zimbabwe.
“We are a wholly owned Zimbabwean company that is run by Zimbabweans,” he said. “Work on this plant started in January and was supposed to be completed in 12 months but the team has done it in 10 months which is a great achievement,” he said.
He also paid tribute to the company’s shareholders for supporting the board and management team in their bid to grow the company. Cam and Motor Mine was reopened in April 2015 after having last mined gold at the site in 1968.
Apart from its gold division RioZim, also have four other divisions Riobase Metals, Rioenergy, Riodiamonds and Riochrome.
The group has been riding on its gold division. The company reported a 42 percent growth in gold output in 2015 (vs 2014) at 1 200 kilogrammes (42 328 ounces) after it commissioned Cam & Motor, which resulted in revenue from gold increasing from $25,8 million in 2014 to $44,6 million in 2015.
Walter Muchinguri recently in Kadoma
Zimbabwe Herald
RioZim yesterday launched its $10 million Cam and Motor Mine gold processing plant, which will triple production putting it on course to becoming the biggest gold miner in the country.The plant has capacity to process 2 400 tonnes of ore per day and has a recovery potential of 93 percent. The company is expected to increase its gold production to about 130 kg per month which will give the mining group a combined output of 200kg per month together with the 70 kg being mined at Renco mine.
Prior to the launch Rio Zim had been processing 700 tonnes at Old Dalny Mine at Chakari, approximately 50 km away from Kadoma. The firm’s outgoing CEO, Mr Noah Matimba said the launch of the plant epitomises the growth trajectory of Rio Zim.
“This tells a story about who we are as Rio Zim, we have gone through a lull period and today is a sign of the awakening of a sleeping giant,” he said.
He added that it also a testimony of fact that the economic situation is not necessarily a stumbling block to business.
“The current environment should not be seen as an impediment but purely a challenge that can be overcome,” he said.
He paid tribute to the company’s shareholders for supporting a rights issue proposed by the company in 2015 which raised $10 million that made the project possible. Mr Matimba said that the launch of the plant was part of the growth trajectory that Rio Zim is pursuing which is premised on organic growth and non-organic growth based on mergers, acquisitions and alliances.
He also paid tribute to Zimbabweans who were responsible for putting up 97 percent of the plant under the instruction of the Chinese manufacturer. Rio Zim Board chairman Mr Lovemore Chihota said that the investment was an indication of the company’s commitment to Zimbabwe.
“We are a wholly owned Zimbabwean company that is run by Zimbabweans,” he said. “Work on this plant started in January and was supposed to be completed in 12 months but the team has done it in 10 months which is a great achievement,” he said.
He also paid tribute to the company’s shareholders for supporting the board and management team in their bid to grow the company. Cam and Motor Mine was reopened in April 2015 after having last mined gold at the site in 1968.
Apart from its gold division RioZim, also have four other divisions Riobase Metals, Rioenergy, Riodiamonds and Riochrome.
The group has been riding on its gold division. The company reported a 42 percent growth in gold output in 2015 (vs 2014) at 1 200 kilogrammes (42 328 ounces) after it commissioned Cam & Motor, which resulted in revenue from gold increasing from $25,8 million in 2014 to $44,6 million in 2015.
No comments:
Post a Comment