RIOZIM is seeking shareholders’ approval to execute a series of corporate actions, including asset disposals, debt restructuring and financing as part of its proposed turnaround strategy. The Zimbabwe Stock Exchange-listed metal and mining company has been struggling for profitability owing to a confluence of challenges, mainly, weak cash flow, high debt levels, undercapitalisation and antiquated…
RioZim seeks nod for turnaround plan
RioZim said Renco requires about US$20 million in additional capital expenditure to modernise underground infrastructure, refurbish its processing plant and restore sustainable production. The company said its financial position makes the investment difficult to undertake internally.