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RioZim AGM on

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Zimbabwe Stock Exchange (ZSE) listed mining concern RioZim has announced plans to convene an annual general meeting (AGM), three months after the initially scheduled meeting was postponed after it emerged the company’s financial statements were in a shambles.

RioZim yesterday announced that its 56th AGM is slated for August 17 2012 at the company’s head office in the capital. The meeting will among other issues consider the financial results and the re-election of non-executive directors.

“Subject to requirements of the ZSE in relation to the issue of shares for cash, to renew until the next annual general meeting, the authority granted to the directors at the annual general meeting held on May 24 1994 to issue or agree to issue up to 10% of the unissued shares of the company without the same being first offered to the ordinary shareholders, as the directors may from time to time in their discretion think fit,” reads part of the meeting’s agenda.

Meanwhile, there were reports that the mining group was seeking $200 million in the coming year as it planned to list RioGold offshore.

New RioZim chairperson Harpal Randhawa told the Zimbabwe Independent last week, Rio Gold was in discussion with a number of other local gold companies to consolidate assets and build a company with a critical mass of production assets, advanced stage projects and blue-sky potential.

It is this company that would seek a listing on international bourses in order to raise $100 million to $150 million for expansion projects.

The group, according to reports, has also mandated Afreximbank to arrange a $75 million three-year syndicated facility to refinance bilateral agreements of around $50 million and to provide growth capital of $25 million for operations and projects.

RioZim owes its creditors, mainly local financial institutions funds in excess of $50 million amid indications that the mining company has already started repaying the banks.

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