RioZim Halts US$21m Mines Sale Following Court Setback

📅 Published: August 18, 2025

📰 Source: miningzimbabwe

Curated by AllZimNews.com

However, the Zimbabwe Diamond and Allied Workers Union (ZDAMWU), together with other interested parties, approached the courts, arguing that only a court-supervised corporate rescue process could revive RioZim while protecting workers’ interests.

Faced with this legal challenge, RioZim announced that it has frozen the transaction pending the outcome of the appeal. “The action taken by the Zimbabwe Diamond and Allied Workers Union has prevented the company from taking these much-needed initiatives to restart mining operations and alleviate the current hardships being faced by the workers, as well as to ease operational pressures.

The company has, at this stage, taken a decision to put on hold all transactions contemplated in the cautionary statement referred to above, pending the outcome of the appeal. ”
In a recent interview with Mining Zimbabwe, ZDAMWU stressed that it is not blocking recapitalisation efforts but instead pushing for a structured and transparent process.

The union maintains that only a court-appointed corporate rescue practitioner can provide credible oversight, safeguard workers and creditors, and prevent further mismanagement.

RioZim’s troubles have deepened in recent years.

In 2024, the miner’s gold output plunged by 54%, leaving it unable to capitalise on record-high global bullion prices. 🔗

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