Nkomo takes over the reins at RioZim

Nkomo takes over the reins at RioZim

HARARE, June 29 (The Source) – Resources group, RioZim Limited has appointed Bhekinkosi Nkomo as its chief executive, replacing Noah Matimba who quit last year. Nkomo has been in acting capacity since last November.

Nkomo joined RioZim in August 2012 as group treasurer and rose through the ranks to finance director.

The group has been under financial stress, saddled by a $40 million debt until last year when the Reserve Bank of Zimbabwe debt assumption vehicle, Zimbabwe Asset Management Company (Zamco) assumed about $30.2 million of the debt.

RioZim, a producer of gold, diamond, coal and copper, exited a strategic partnership with global mining giant Rio Tinto in 2004 to become a wholly owned Zimbabwean company.

The group owns the Renco Mine in Masvingo, Empress Nickel Refinery and has a 22 percent shareholding in Murowa Diamonds.

The Cam & Motor gold mine, the Group’s current cash cow is now positioned to becoming the largest producer of gold in Zimbabwe following its resumption of production late last year. It produced 90 kilogrammes of gold from October to December 2016.

Last October it bought Palatial Gold Investments, which owns the Dalny Mine Complex from struggling Falcon Gold.