Rio Zim says its gold production declined by 27% to 1.21 tonnes in 2020 from 1.66 tonnes achieved in the prior year.
It said the group's flagship operation Cam & Motor Mine carried out mining activities from the nearby One Step Mine hauling low-grade ore to the Cam & Motor plant for processing.
This, said Rio Zim, resulted in a drastic fall in gold production compared to the prior year when the mine processed higher grade ore from its Cam pits.
It also said that the gold price maintained a growth trend throughout the year recording a 27% growth from the prior year's average price of US$1 395/oz, to an average price of US$1 765/oz in the current year which counteracted the impact of lower production volumes.
Revenue generated during the period was ZWL$3.1 billion in comparison to ZWL$577.1 million in the prior year.
"The exponential increase in revenue was a direct result of the depreciation of the local currency against the US dollar," it said.
Meanwhile, Rio Zim said that the Empress Nickel Refinery remained under care and maintenance last year.
The Refinery, however, continued with cash-generating projects to partially fund the care and maintenance costs whilst maintaining the integrity of the plant.
"Over and above the initiatives to identify sources of matte, the company is also evaluating various alternatives to bring the refinery back to normal production…," it said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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