Zimbabwe’s RioZim buys Namibian diamond mine to expand in Africa
RioZim has bought Sperrgebiet Diamond Mine in Namibia as the Zimbabwean group seeks to expand in Africa.
“The group has been trying to broaden its footprint in the mining industry in Africa and this acquisition was part of the strategy,” Tawanda Andrew Chiurayi, RioZim’s group company secretary, said in a written response to questions from Bloomberg News. “We also want to diversify our assets and geographies.”
Chiurayi declined to disclose the amount RioZim paid for the mine. The acquisition cost $58-million, people familiar with the matter said, asking not to be named as the price hasn’t been disclosed.
Sperrgebiet holds two onshore and two offshore mining licenses, within Luderitz’s protected diamond zones, according to the company’s website.
RioZim is also planning further investments in base and precious metals in Zimbabwe, after spending more than $150-million at its gold mine and a new plant at the Murowa diamond mine, Chiurayi said. Output at Murowa tripled in September following the investment, he said.
RioZim, which also has interests in coal and a nickel refinery, said rules that oblige miners in Zimbabwe to switch 40% of their income into local currency are proving a drag on its operations.
“Forex shortages and power shortages are seriously hampering progress, but our belief in the long term is undeterred,” Chiurayi said.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
