20 January 2018
   
Tsvangirai golden handshake confirmed
DisGrace sneaks out three luxury cars
ED cuts Bob Singapore crew from 38 to 22
Call for Diaspora Minister and MPs
ED so over confident it worries him
Priscilla demands coup ‘killings’ details
CBD maize roasting must end now: Min
Tsvangirai faces disgraceful exit: Judge
MORE NEWS
ZTA targets domestic tourism
SOE DEBATE: Privatise most parastatals
MORE BUSINESS
Delight as ZBC 'Iron Lady' suspended
Sulu arrested over $4,000 child support
MORE SHOWBIZ
Mapeza targets CAF CL group stages
Tendai Ndoro special - says Ajax coach
MORE SPORTS
Elections: Not a moment to be lost
A view beyond the Zimbabwe coup
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 
RioZim seeks US$10m to reopen Kadoma mine
20/02/2015 00:00:00
by The Source
 
 
RELATED STORIES
RioZim says likely to report bigger loss

SHAREHOLDERS of resources group, RioZim on Thursday approved its bid to raise $10 million through a rights offer to reopen the Cam and Motoring gold mine near Kadoma.

The directors last month proposed the rights offer to reopen the historic mine, now viewed as key to the group’s revival.

The mine was a cash cow until it was shut down nearly 50 years ago, having produced 150 tonnes of gold in its entire life until its closure in 1968.

“Shareholders unanimously voted to approve the rights. All resolutions were approved at the meeting,” said an official who declined to be identified because he had no authority to speak to the press.

RioZim had expected to reopen the mine in the second half of 2014 with a projected production of 4,000 ounces per month.

Cash from the rights offer will be used to buy equipment, being designed and manufactured in China for the mine, which will run as an open cast operation.

GEM RioZim Investment, which holds 24.97 percent stake in RioZim, will underwrite the transaction. It has also injected $700,000 to start-up the project while the rights offer process is underway.

On Tuesday, RioZim said it will likely report a bigger loss for the full year to December citing lower gold production at its main Renco mine, weak mineral prices and poor matte supplies at its Empress Nickel Refinery.

The group posted an after tax loss of $7,4 million with revenue down 39 percent to $39,3 million for the six months to June.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker