RioZim Reports 59% Loss Increase Amid Rising Costs and Increased Gold Production
RioZim Limited's losses widened by 59% to $8.71 billion for the half-year ended June 30, 2023, despite a revenue increase to $49.96 billion and an 11% rise in gold production at Renco Mine. The company faced a 642% surge in administrative expenses, largely due to rising input costs. Total assets reached $748.9 billion, up 732.53% due to local currency depreciation. The Empress nickel refinery and Dalny Mine remained under care and maintenance, with Murowa diamond mine's production increasing 84%.
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RioZim Limited's financial performance for the half-year ended June 30, 2023, shows a 59% increase in losses to $8.71 billion. This occurred alongside a revenue rise to $49.96 billion, attributed to a 6% increase in gold production to 417kg, including an 11% increase at Renco Mine.
Administrative expenses surged by 642% to $18.89 billion. The Empress nickel refinery and Dalny Mine were under care and maintenance, while Murowa diamond mine production rose by 84% to 212,000 carats. Total assets reached $748.9 billion due to local currency depreciation.
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