The reopening of Renco Mine marks a significant turning point for RioZim Limited after years of operational and financial distress. In a development that has brought renewed hope to workers and investors alike, the mine’s revival has secured the jobs of more than 1,000 employees—an important first step in the company’s broader recovery strategy.
The successful restart follows an intensive restructuring programme implemented by RioZim. This process included the appointment of a new Board in July 2025, alongside the installation of Caleb Dengu as Chairman. Announcing the reviewed interim financial results for the half year ending 30 June 2025, Dengu confirmed the positive milestone, noting that the “strategic shift has already yielded tangible results. Notably, Renco Mine was successfully reopened, and the jobs of more than 1,000 workers have been secured.”
According to Dengu, the first six months of 2025 were “particularly challenging for the Group,” characterised by sharply reduced production across multiple operations. He linked these setbacks to “persistent undercapitalisation over the past three years,” which had severely limited the company’s ability to maintain production levels or invest in critical infrastructure.
Despite the difficult start to the year, RioZim’s recovery plan is beginning to take shape. Beyond the reopening of Renco Mine, Dengu revealed that preparations to restart Cam & Motor Mine are progressing well, with full production expected before the end of the year. This marks another key component of the company’s turnaround efforts.
The financial period was marked by exceptionally strong gold prices, which surged by 24% to close at US$3,302 per ounce. However, RioZim was unable to fully benefit from this bullish market due to its limited production volumes during the review period. This further underscored the urgent need for operational recovery and capital investment.
Dengu also highlighted early signs of macroeconomic stability in Zimbabwe, despite ongoing challenges. He credited Government reforms designed to create a more business-friendly environment, noting that a relatively stable local currency (ZWG) had helped slow inflationary pressures and improve cost management for local inputs.
The reopening of Renco Mine stands as the first visible outcome of the company’s renewed leadership and strategic reset. With restructuring underway, operations restarting, and macroeconomic conditions gradually improving, RioZim appears poised to move toward a more stable and productive future.