Emmerson Njanjamangezi, Group Features Editor 
RioZim says it has secured funding to complete the BIOX project at Cam & Motor Mine, with commissioning of the project scheduled for Q4 2021.
In a statement accompanying the half-year ended June 30, 2021 financial results, RioZim chairman Saleem Rashid Beebeejaun said all the activities necessary to commission the project are being accelerated.
“The installations for the structural components of the BIOX Plant Project were at an advanced stage as at the period end. The company is focused on the completion and commissioning of its BIOX Plant Project before the close of the financial year, as this project remains a key priority for the group.
“All outstanding equipment deliveries were fast-tracked after the period end after payments of the final instalments and installations are continuing in earnest.”
Beebeejaun said the flotation section, which was completed in prior years, is being tested in preparation for the commissioning of the plant. The BIOX plant is expected to help in the processing of pure oxide ores to achieve good grades and high recoveries.
“Production is forecast to increase at Cam & Motor Mine after commissioning of the BIOX plant, which will improve profitability and the working capital position of the group,” he added.
For the period under review, the group net loss widened to $1,5 billion from $77,4 million last year. Current liabilities exceeded current assets by $935,7 million (December 2020: current assets exceeded current liabilities by ZWL$435,4 million).
The group’s operations were significantly impacted by rain-induced power cuts and plant breakdowns in the first quarter.
“These factors ordinarily indicate the existence of a material uncertainty on the group’s ability to continue as a going concern and that it may be unable to realise its assets and discharge its liabilities in the normal course of business,” Beebeejaun added.
Turning to its energy business, Beebeejaun said the group is installing generators at its mines to complement inadequate power supplies from the power utility. This will increase plant uptime and gold production.
With regards to power generation plans, Beebeejaun said the company conducted Environmental Impact Assessments (EIA) for all the proposed solar sites at various mines, which are a prerequisite before implementation of the projects. The EIAs are expected to be concluded in the second half of the year.
However, Beebeejaun said the 2 800 MW Sengwa Power Station remains in limbo.
“As the Covid-19 pandemic continues to evolve across the world, financiers and lenders took a conservative approach, making it difficult to bring financial closure for this project. However, engagements with potential financiers for the projects remain alive despite the challenges and uncertainties brought about by the Covid-19 pandemic.”
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