CLOSED FOR BUSINESS
RioZim Limited, has suspended production at three of its gold mines citing shortage of foreign currency needed to import critical consumables and spare parts.
RioZim said in a letter to Reserve Bank of Zimbabwe Governor Dr John Mangudya, signed by board chair Lovemore Chihota, that it had stopped operations at Cam and Motor in Kadoma, Renco Mine in Masvingo and Dalny Mine in Chegutu over crippling shortage of foreign currency.
Mr 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.
He said RioZim had not received any foreign currency in the nine weeks preceding the suspension of production, which started with Dalny Mine on October 19, then Cam and Motor and Renco three days later.
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