RIOZIM Limited is seeking shareholder approval to dispose of its Renco gold mine for at least US$35 million as part of a balance sheet restructuring programme aimed at reducing debt and improving liquidity. The proposed transaction involves the sale of Renco as a going concern to an unrelated third party, including its mining claims, land,…
RioZim to dispose of Renco
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.