RioZim Limited has announced that it will prioritize the completion of US $17m Biological Oxidation (BIOX) plant at the firm’s Cam and Motor mine in Kadoma this year following delays to the project in the past two years due to funding constraints and the COVID-19 pandemic. The BIOX technology is expected to help the group value-add its precious minerals through processing pure oxide ores to make good grades and high recoveries and this is expected to increase current production levels by at least 50%.
According to the company, discussions with potential lenders to secure funding are underway with high hopes of a break-through. “The completion of the BIOX plant remains a key priority for the Company as we pursue value creation for all stakeholders. The success of this project will be pivotal for the sustenance of the Cam & Motor mine,” said the company in its latest trading update for the full year ended December 2020.
Funding for the Biological Oxidation (BIOX) plant
External funding for the project remained elusive throughout the year as lenders took a conservative approach in light of the uncertainties brought about by the COVID-19 pandemic. This left the Company primarily dependent on internally generated funding. However, despite the funding and COVID-19 challenges, the Company managed to steamroll the project to bring civil works to near completion and managed to take delivery of the bulk of the equipment by end of last year.
“Installations commenced post year end and are progressing well. As at the reporting date, the Company was engaged in discussions with potential lenders to secure the remaining funding requirements to complete the project and the Company is hopeful of reaching financial closure. The Company remains optimistic of concluding and commissioning the BIOX Plant within the ensuing reporting year,” the company said.