By Admire Machiwenyika
RioZim Limited Group is pursuing two energy projects pipelines that will guarantee stable power supply to its operations and also chip in to improve the already diminishing national electricity grid, according to the 2019 interim report results for the half-year ending 30 June 2019.
Companies have been battling with perennial power cuts from the national grid and they are now seeking other power sources to alleviate the situation.
The two major projects that the Group is vigorously pursuing are the 178MW solar project and the Sengwa thermal power station.
“An Engineering Procurement and Construction (EPC) partner who has the requisite expertise and experience to undertake the project has been secured and binding memorandums of understanding (MoUs) between the parties have already been concluded.
“The design work and grid impact assessment for the project have been concluded. Implementation of the project is expected in the immediate future once negotiations relating to the financing structure are finalised,” reads the report.
The major contributor to the two projects will be the Sengwa Thermal Power Station that will generate about 2 800 MW of electricity.
“The project entails the development of a coal mine, power station, water pipeline and power transmission lines to the national grid. Significant progress was made during the period with the Bankable Feasibility Study completed and a suitable investment partner in the project was identified.
“The company together with the investment partner are in the process of finalising the funding structure which should see ground-breaking in the short term for the first phase of 700 MW,” reads the report.
RioZim is an integrated mining and metallurgical company in Zimbabwe with an extensive portfolio of resources in gold, base metals, diamonds, coal and chrome.
Its mining operations include Renco Gold Mine in Masvingo Province, and Cam & Motor Gold Mine and Empress Nickel Refinery; both in the Mashonaland West Province. RioZim also has interests in Sengwa Colliery (Private) Limited with coal assets in Gokwe North; Murowa Diamonds (Private) Limited with operations in Zvishavane; and Maranatha ferrochrome refinery in Kadoma.
RioZim separated from its parent company, Rio Tinto plc, in 2004 to become a wholly-owned Zimbabwean company. Its subsidiaries include RioGold (Private) Limited, RioZim Base Metals (Private) Limited and RioDiamonds (Private) Limited.
RioZim Group Limited is listed on the Zimbabwe Stock Exchange.
