Zimbabwe News Update
📅 Published: August 21, 2025
📰 Source: newsdayzw
Curated by AllZimNews.com
📅 Published: August 21, 2025
Curated by AllZimNews.com
The action was taken as the firm now has a massive debt burden, which the court application revealed to be at least US$191 million.
For the past five years, RioZim’s liquidity position has steadily deteriorated, with total liabilities surpassing its assets as of June 30, 2024, by at least US$11 million.
The poor liquidity generation was due to soaring direct costs associated with producing its minerals, power cuts that limited production scalability, exchange rate volatility, plant breakdowns that caused a lot of downtime and poor management decisions. “The board that is disposing of the assets no longer has those powers in terms of the law. 🔗
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