RioZim Ltd, once one of Zimbabwe’s largest gold producers, widened its net loss to US$29.5 million in 2025 from US$25.4 million a year earlier, as output at its two gold mines crashed 80% and the company largely missed a record gold rally, Mining Zimbabwe can report.
By Ryan Chigoche
The deeper loss came after both the Renco and Cam & Motor mines remained idle for most of the year while management searched for funding and new partners. Total gold production fell to just 84 kilograms in 2025, down from 428kg in 2024, the company said in its latest financial report.
That collapse in output meant RioZim failed to capitalise on a 44% surge in average gold prices to US$3,436 per ounce in 2025, from US$2,389/oz the previous year. Rivals cashed in; RioZim watched from the sidelines.
Renco only restarted in September under a contract mining deal with Chinese contractor FeiFan Mining, now RioZim’s main financier. All 84kg produced during the year came from Renco in the final quarter. Cam & Motor produced no gold at all.
The scale of RioZim’s decline is stark when compared to peers. Blanket Mine produced 14,767 ounces of gold – roughly 459kg – in the first quarter of 2026 alone. That means RioZim’s entire 2025 output was less than three weeks of production at Blanket’s current run rate.
Looking ahead, RioZim is betting on a two-pronged operational recovery to reverse its fortunes. At Renco, extensive underground development is planned to open new mining areas and enhance grade flexibility. While rain-induced power disruptions hit operations in the final quarter of 2025, the company said efforts are now underway to strengthen backup power systems and upgrade power infrastructure in collaboration with the national utility – a necessary step to sustain any production ramp-up.
That same recovery push extends to Cam & Motor. Pit dewatering has been completed, and management has shifted priority to refurbishing the processing plant to enable a production restart. Pit development and relocation of properties within blasting zones remain critical to normalised mining operations. The company said progress achieved after year-end positions the mine to commence gold production in the second half of 2026.
The broader environment is finally working in RioZim’s favour. Gold prices have continued to trend positively, reaching approximately US$5,000 in 2026. The board believes that a combination of robust funding arrangements, renewed operational activity at both mines, and favourable gold prices will drive a return to profitability.
Whether this latest turnaround plan succeeds where previous efforts failed will depend on execution and on whether RioZim can finally stop missing the boom.
