RioZim misses out on gold price rally again

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RIOZIM has lost millions of dollars in potential revenue due to low-capacity utilisation, at a time international gold prices have enjoyed a sustained rally.
The resources group missed out on gold price rallies in 2019 and 2021 due to power cuts and the Covid-19 pandemic.
In a trading update for the first quarter of 2022, the company last week said power supply challenges remain prevalent, and resulted in under capacity utilisation and a high cost of production during the period under review through the use of expensive alternative power sources.

“The nostro retention for exporters remained at 60 percent from the prior year and continues to be inadequate for business sustenance and expansion projects.”