By Fanuel Chinowaita
HARARE, 7 November 2025— RioZim Limited has reopened Renco Mine in Masvingo Province after securing critical funding to revive operations, settle debts and stabilise employee salaries, marking a significant step in the company’s recovery and restructuring drive.
The reopening, which took place in September, has already yielded tangible results, with the mine producing around 20 kilograms of gold between mid-September and October.
The resumption of operations has also preserved more than 1,200 jobs, ensuring continued livelihoods for families and communities dependent on the mine.
RioZim Chief Executive Officer Mr. Rajgopal Swami described the reopening as a major milestone in the company’s turnaround efforts.
“This milestone was achieved through the dedication of our employees, the commitment of our management team, and the support of our creditors and financiers,” said Mr. Swami. “We have resumed gold production, concluded payment plans with major creditors and established mechanisms to clear arrears owed to smaller creditors.”
The company’s financial restructuring follows a successful capital-raising exercise that strengthened its operational base. The recovery plan also includes board and management reforms, highlighted by the appointment of new directors and the elevation of Mr. Caleb Dengu as board chairman.
RioZim’s recovery has been further boosted by favourable international gold prices, which have remained above US$4,000 per ounce, improving profitability prospects.
Mr. Swami also addressed reports suggesting that RioZim had been placed under corporate rescue, clarifying that the company remains operational and legally sound.
“Legal advice obtained by the company confirms that RioZim is not under corporate rescue. The mere filing of an application does not place a company under rescue — the matter must first be heard and determined by the courts,” he said.
The clarification follows reports linking RioZim to a corporate rescue application filed by the Zimbabwe Diamond and Allied Minerals Workers’ Union (ZDAMWU). The company stated that the High Court’s decision on the matter is currently under appeal at the Supreme Court.
RioZim also revealed that ZDAMWU represents only about 11% of its workforce and that the majority of employees are not aligned with the union’s corporate rescue efforts.
“The actions taken by ZDAMWU have unfortunately delayed the company’s recapitalisation efforts — efforts designed precisely to improve the welfare of all employees and their families,” Mr. Swami added.
With operations at Renco Mine back on track, RioZim says it is now focusing on sustaining production, strengthening its balance sheet and delivering value to employees, creditors, investors and the nation.