By 
Renco Mine, a subsidiary of RIOZIM Limited, is facing power disconnection due to an outstanding debt of US$4.7 million owed to the Zimbabwe electrical Transmission and Distribution Company (ZETDC) for unpaid electrical bills, according to official papers.
RioZim has been hit with significant liabilities totalling US$191 million, which have accumulated over years of economic strain.
RioZim acknowledged its US$4.7 million debt to ZETDC in a formal debt acknowledgement dated February 19, 2025.
By Gamuchirai Mapako
“We thus admit being really and properly owing to Zetdc in the amount of US$4.7 million for electricity bills. RioZim Renco Mine’s spokesperson, Cleopas Benza, stated that they will return the amount in instalments.
The corporation committed to pay US$300,000 by March 28, 2025, followed by US$500,000 instalments on the 15th of each month until the debt was paid off. The document further stated that failure to follow the payment requirements could lead to legal action.
RioZim’s gold portfolio includes the Renco, Cam & Motor, and Dalny mines, as well as diamond interests held by its associate, RZM Murowa (Pvt) Ltd.
And now the company teeters on the brink as workers, creditors and regulators push for receivership. Zimbabwe Diamond and Allied Minerals Workers Union (ZDAMWU)
filed a High Court application to place RioZim under court-led administration under Part XXIII of the Insolvency Act due to chronic financial distress.
ZDAMWU General Secretary Justice Chinhema revealed RioZim owes workers $5.6m in unpaid wages and benefits, while ZIMRA is investigating allegations of financial misconduct.
ZIMRA has formally demanded access to RioZim’s asset register amid suspicions of fraud and tax evasion.
The mining firm is said to owe ZIMRA approximately US$5.5m and ZWG9m. Criminal proceedings have already been initiated in some instances, with ZIMRA alleging “systematic non-compliance with statutory tax and pension obligations.”
Further financial problems are mentioned in RioZim’s dealings with its partner business RZM Murowa, to which it owes US$55 million—a debt that ZDAMWU claims demands forensic examination due to its “suspicious structure.”
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