RioZim pushes renewable energy plans

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RIOZIM continues to pursue its pipeline power projects, with particular focus on solar energy, which will provide a lasting solution to the power challenges for its mines.
In the group’s 2022 annual report, chairman Saleem Beebeejaun said power supply has remained a major threat to the group’s operations.
“The group is focusing on backup power generators across the mines, albeit this will be at a significantly high operating cost,” Beebeejaun said.
Beebeejaun highlighted that progress on its 178 megawatts solar project had stalled due to the Covid-19 pandemic, with traction only recorded in obtaining all the regulatory requirements for implementing the solar projects across the group’s mines.
The group has, however, resumed engagements with various potential funding partners after the relaxation of the Covid-19 protocols worldwide and is optimistic on reaching financial closure for the solar projects.

Regarding the 2 800-megawatt Sengwa Power Station, RioZim continued its engagements with various stakeholders during the year for potential partnerships and stakeholders will be informed on any further developments.
Meanwhile, gold production for the year ended December 31, 2022, declined by 17 percent to 929kg from 1 122kg produced in the prior year as the group’s optimisation of its Biological Oxidation (BIOX) plant was blighted by power outages.
Beebeejaun said after the commissioning of the BIOX plant at Cam & Motor mine, the group focused on optimising the plant to bring it to nameplate capacity and eliminating teething challenges “Hence production was subdued”.
“Dalny was placed under full care and maintenance during the year, which exacerbated the decline in gold production for the current year. Gold prices remained firm and fairly consistent from the prior year and averaged US$1 766 per ounce for the year compared to US$1 774 per ounce in the prior year.”
For the period under review, the group’s revenue rose to $20,6 billion from $5,8 billion achieved in the corresponding period last year.
“This was an exponential increase from the prior year’s revenue of $5,8 billion despite the decline in gold production mainly due to the depreciation of the local currency against the United States dollar,” he said. Beebeejaun said the group’s success this year was a testament to the shareholders’ continued dedication to the group.
“By investing more than US$100 million, the group delivered two milestone high-tech expansion projects to secure the future of the company, these being: the BIOX plant at Cam & Motor mine and Project Crown Jewel 500tph plant at RZM Murowa.
“This project will resuscitate mining operations and bring a new lease of life to Kadoma town and its surrounding communities,” he added. newsdesk@fingaz.co.zw