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.

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…

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