RioZim of Zimbabwe is negotiating for a $45 million dollar facility to refinance the group’s debt, which now stands at $40 million, the multi-commodity company has reported.

Advanced stage

MD Ashton Ndlovu said at the group’s AGM that negotiations with an international financier over the loan were at an advanced stage.

In addition, the restructuring of the group into industry-specific sectors to attract investment into focused areas such as gold, chrome, diamonds, base metals and energy was almost complete.

Strategic partner

It is believed that an Italian group is contemplating becoming a strategic partner in RioChrome, which still has pre-emptive rights over the diamond assets of Rio Tinto.

Last year, RioZim entered into a partnership agreement with South African gold mining firm DRD Gold, as it began a restructuring exercise. DRD Gold is a 50% partner in the Chizim Gold project in Zimbabwe.

Tender floated

RioZim recently floated a tender seeking bids for full open-cast contract mining at its Cam and Motor gold mine in Kadoma.

The Cam and Motor Mine is situated about 10km to the east of Kadoma, and was once the largest producer of gold in Zimbabwe.