RioZim, the embattled Zimbabwean mining group, has reported a dramatic production recovery at its Renco Mine, with gold output surging to 92 kilograms in the first quarter of 2026 from just 6 kilograms in the same period last year, Mining Zimbabwe can report.
By Ryan Chigoche
The increase marks the strongest sign yet that the company is clawing its way back from a difficult 2025, when total group gold output fell to 84 kilograms.
The company’s struggles were well documented, with borrowings ballooning to ZiG455.3 million and auditors raising concerns about its ability to continue as a going concern. The Cam & Motor Mine was rendered completely idle for much of last year, while Renco limped through an extended shutdown.
That picture has shifted dramatically in recent months. Renco’s recovery can be traced to a September 2025 restart under a contract mining agreement with Chinese contractor FeiFan Mining.
The partnership has brought renewed efficiency and consistency to the operation, allowing production to ramp up steadily over the past nine months. The mine is now operating at levels not seen since before its troubles began.
Encouragingly, the broader group has also shown improvement. RZM Murowa, the company’s diamond operation, saw production jump to 45,606 carats from 2,745 carats in Q1 2025.
Meanwhile, Cam & Motor, which recorded no production in the first quarter due to extensive dewatering and plant refurbishment, poured its first gold on 2 June. Management is now focused on bringing the Kadoma-based operation to full capacity, which would see RioZim operating two flagship gold mines simultaneously for the first time in years.
The operational recovery comes at an opportune moment. Gold prices have surged 70% year on year, rising from US$2,861 per ounce in Q1 2025 to US$4,873 per ounce in Q1 2026. With prices now hovering near US$5,000 per ounce, the improved production volumes are generating far stronger revenues than would have been possible just a year ago. This price tailwind has dramatically improved the economics of every ounce mined, providing RioZim with much-needed cash flow.
Still, significant hurdles remain. The Empress Nickel Refinery continues to be held under care and maintenance, while power supply deficits pose ongoing risks to mining growth. Diamond prices remain subdued, and high borrowing costs make long-term reinvestment difficult. But with Renco firing on all cylinders and Cam & Motor now back online, management believes RioZim is well-positioned to return to profitability. The company is also looking to revive exploration activities, suggesting confidence that the recovery can be sustained.
