Speaking at the mining company's annual general meeting (AGM), managing director
"The group would be able to significantly cut back its average cost of funding, which had been reduced to 19 percent at the end of
Ndlovu said the restructuring of the group into industry specific sector to attract investment into focused areas - gold, chrome, diamonds, base metals and energy - was almost complete.
An Italian group was looking at becoming a strategic partner in RioChrome and while RioZim still had pre-emptive rights over the diamond assets of
Last year RioZim signed a partnership agreement with South African gold mining firm, DRD Gold, as it begun a restructuring exercise likely to split the group into several stand-alone units.
DRD Gold is a 50 percent partner in a greenstone belt project, Chizim Gold, in
The South African firm is, however, planning to relinquish its interest in this operation as it moves to become a fully-fledged dump reclamation company. The deal with RioZim appears to be in line with this strategy.
This month RioZim floated a tender seeking bids for contract mining at its Cam and Motor gold mine in Kadoma.
The company said the work put to tender included the open cast mining sequence of clearing, drilling and blasting, overburden mining clearing, drilling and blasting of ore and ore mining.
Most Popular Stories
- Illegal Immigration Near Historic Low, Despite What You May Have Heard
- Small-Business Loans Fueling Economic Growth
- Gasoline Costs Drive Consumer Price Increases
- Saudi Arabia Will Open Stock Market to Foreigners
- Tesco Head Steps Down After Profit Warning
- Want a Job? Try Minneapolis
- Russians Fed Steady Diet of Conspiracy Theories
- Durbin Drubs Walgreen for Possible Tax Dodge
- Ford: New F-150 Is No Lightweight
- Comic-Con Offers Toy Designers a Chance to Go Wild