RioZim

RioZim's origins trace back to August 1956 as Rio Tinto Southern Rhodesia Limited, an incorporation of Rio Tinto plc, the Anglo-Australian multinational mining company founded in 1873.^[1] The company's operations initially centered on the Empress Nickel Refinery (ENR) before expanding through acquisitions of Cam and Motor Mines at Eiffel Flats in 1959 and Sandawana Emerald mine in 1961.^[1]

Between 1965 and 1979, Rio Tinto Southern Rhodesia detached itself from its parent company and grew into the single largest money earner in the region, exporting millions of pounds' worth of nickel, emeralds and tin.^[1] In 1969, Rio Industries came into being, and Renco Mine was acquired in 1975 and opened in 1982.^[1] Following Zimbabwe's independence, the company became Rio Tinto Zimbabwe Limited and entered a joint venture agreement in 1994 with RTZ Mining and Exploration Limited to establish and operate Sengwa Colliery, with each party holding 50 percent shareholding.^[1]

The company achieved full independence from its parent Rio Tinto plc in 2004, becoming RioZim Limited and establishing itself as a self-sufficient entity producing gold, coal, toll refines, nickel and copper.^[1] In 2013, RioZim acquired Dalny Mine at Chakari in Kadoma through the purchase of Falcon Gold's subsidiary (Palatial Gold Investments), which included the mine, processing plant, surrounding gold claims, equipment and mining compound.^[1] The company rescued the struggling Murowa Diamond Mine by assuming its management, further diversifying its portfolio.^[1]

The company operates diversified mining assets including the Murowa Diamond Mine in Zvishavane, gold mining operations, coal mining facilities, and nickel mining operations. RioZim operates through various subsidiaries, including RZM Murowa (Private Limited), which manages the company's diamond mining operations.^[2][3]

The company experienced two significant aircraft accidents in 2023. On February 13, 2023, a Piper PA-31 Navajo aircraft owned by Murowa (Private) Limited force-landed near Beatrice. The aircraft was transporting diamonds under armed guard from the Murowa mine to Harare when it developed an apparent engine fault. Five people were injured in the crash, including the pilot and security personnel. The diamond consignment was secured following the incident.^[2] In late September 2023, a Cessna 206 aircraft crashed near Mashava, killing the company's owner, Harpal Randhawa, his son Amer, and four others. The aircraft had departed Harare bound for Murowa Diamond Mine when it went down.^[3]

Following the September 2023 crash that killed the company's owner, RioZim entered a period of financial distress. As of 2024, five out of the company's eight assets are under care and maintenance. The company faces significant debts to workers, Zimbabwe Electricity Supply Authority (Zimbabwe's power utility), the Zimbabwe Revenue Authority, and other creditors. Court papers indicate the company has sought administration as a survival strategy.^[3]

The company's financial distress has reached critical levels as of 2025, with RioZim's gold output plunging by 54% in 2024, producing just 428 kilograms compared to 940 kg in 2023.^[4] The situation has become so dire that labour unions have called for the company to be placed under corporate rescue, citing months of unpaid wages and deteriorating conditions.^[4] With liquidity nearly exhausted and market confidence faltering, the company is desperately seeking a US$20 million capital injection from potential investors to avoid complete collapse.^[4] The shrinking revenue, rising losses, and stalled operations have pushed the company to the edge, forcing it to suspend work at several key sites, while aging infrastructure and equipment breakdowns have crippled operations at Renco and Empress Refinery.^[4]