RioZim moves into Africa with acquisition of Namib...

RioZim moves into Africa with acquisition of Namibia’s Sperrgebiet Diamond Mine

Zimbabwe’s mining and metallurgical giant RioZim, has made its first venture outside Zimbabwe with the acquisition of Sperrgebiet Diamond Mine in Namibia.

“The group has been trying to broaden its footprint in the mining industry in Africa and this acquisition was part of the strategy,” RioZim group company secretary Tawanda Andrew Chiurayi confirmed to Bloomberg News.

Sperrgebiet Diamonds is a diversified natural resource company that performs land-based exploration, and has combination of four onshore and offshore diamond mining along the Elizabeth Bay in the Namibian southern coast and along the south-western coastal areas of Namibia’s Lüderitz Region.

Chiurayi hinted that more acquisitions outside Zimbabwe's borders may be coming up in future.

“We also want to diversify our assets and geographies,” he said.

RioZim has expanded its investments in base and precious metals in Zimbabwe, spending more than $150 million at its gold mine and a new plant at the Murowa Diamond mine.

Chiurayi said that output at Murowa tripled in September following the investment.

The Zimbabwe Stock Exchange listed RioZim was incorporated on August 29, 1956 as Rio Tinto Southern Rhodesia Ltd. It was set up initially to develop and mine the Empress Nickel deposit in the Midlands and was the first mining operation to be set up outside Europe by Rio Tinto plc.

RioZim then separated from Rio Tinto plc in 2004 and became a wholly owned Zimbabwean company that produces gold, coal, toll refines nickel and copper.
Current chairman is S R Beebeejaun while Saleem Rashid occupies the CEO position.