RioZim Closes 3 Gold Mines Due To Forex Shortage

5 years agoThu, 01 Nov 2018 00:58:04 GMT
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RioZim Closes 3 Gold Mines Due To Forex Shortage

Zimbabwe Stock Exchange (ZSE) listed miner, RioZim Limited, told the Reserve Bank of Zimbabwe (RBZ) that it has suspended production at three of its gold mines due to foreign currency shortages.

In a letter signed by board chairman Lovemore Chihota, RioZim said it had stopped operations at Cam and Motor in Kadoma, Renco Mine in Masvingo and Dalny Mine in Chegutu.  Chihota said RioZim had received only 14 percent of its gold delivery proceeds in the last 30 months instead of the RBZ directive of 50 percent direct access to its nostro (forex) funds and 50 percent by application.

RioZim had previously threatened to sue the RBZ over foreign currency allocations. Another gold mine, Metallon Gold, recently closed one of its major gold mines in Mazowe amid foreign currency constraints and mounting debts.

More: Herald

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