RioZim Reports 13 Percent Increase in Q3 Gold Output to 307kg


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DT Correspondent

Zimbabwe Stock Exchange (ZSE) listed miner, RioZim Limited, has announced a significant boost in gold production for the third quarter of 2023.

The company’s gold output rose by 13 percent to 307kg compared to 272kg achieved during the same period last year.

The increase in production has been attributed to improved power supply, which positively impacted the mining operations.

RioZim operates Renco Gold Mine, Cam and Motor Gold Mine and Empress Nickel Refinery.

The company also holds stakes in Sengwa Colliery, Murowa Diamonds, and Maranatha ferrochrome refinery.

During the third quarter, Cam and Motor Mine recorded a 14 percent increase in gold production, producing 166kg compared to 146kg in the same period last year. This growth was primarily driven by an increase in milling throughput.

RioZim credited the improved performance to significant capital expenditure interventions on the crushing plant.

Renco Mine also experienced a 12 percent increase in gold production, producing 141kg compared to 126kg in the corresponding period of 2022.

The improvement was attributed to enhanced power supply, allowing for an upscale in milling throughput and near-optimal plant availability.

“Renco Mine produced 141kg of gold in the current period; a 12 percent increase in gold production from 126kg achieved in the same period in 2022.

“This was due to improved power supply to the mine which enabled upscaling of milling throughput as well as plant availability at near optimal levels,” the company said.

However, RioZim reported that Dalny Mine and The Empress Nickel Refinery remained under full care and maintenance during the reviewed period.

The diamonds business unit, RZM Murowa, faced challenges due to plant breakdowns, resulting in a 12 percent reduction in diamond production. The company produced 100,000 carats in Q3 2023, compared to 130,000 carats in Q3 2022.

RioZim highlighted the need to stabilize support equipment as a key priority for consistent processing of large volumes in line with the new 500 TPH plant design.

Looking ahead, the company acknowledged that despite improved power supply during the period, the unreliable provision of electricity remains a significant risk.

“It is anticipated that power challenges will be exacerbated by the onset of the rainy season expected in the last quarter of the year.

“In order to mitigate the impact of power outages, the Company invested in back-up generators across its mines. However, these come with high production costs due to excessively high levels of fuel consumption.”

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