RioZim has endured one of the weakest production years in its history after gold output plunged by 80 percent in 2025, leaving the company unable to benefit from one of the strongest bullion price rallies on record.

Annual results show the struggling miner produced only 84 kilograms of gold during the year, a sharp fall from the 428 kilograms it delivered in 2024.

The collapse reflects prolonged downtime at its two main gold assets and comes at a time when global gold prices surged, making the lost production particularly costly.

The steep decline in output was driven by extended idle periods at RioZim’s key mines.

Both Renco Mine and Cam & Motor Mine spent much of the year either shut or operating at minimal levels as management sought new capital and strategic partners to keep the business running.

Renco Mine returned to production in September under a contract mining arrangement with Chinese contractor FeiFan Mining, which has since become RioZim’s principal financier.

All of the company’s gold output for 2025 came from Renco during the final quarter.

Cam & Motor Mine, meanwhile, failed to produce any gold at all during the period.

The timing of the production slump could not have been worse for RioZim.

Average gold prices jumped by about 44 percent in 2025, climbing from US$2,389 per ounce in the previous year to US$3,436 per ounce as investors moved into the metal amid global economic uncertainty.

With so little gold to sell, the company gained little from the rally.

The results highlight how far RioZim has fallen in Zimbabwe’s gold sector.

The company was once regarded as one of the country’s leading gold producers, but its 2025 performance leaves it trailing well behind competitors that have maintained or expanded output.

The gap is stark when compared to Blanket Mine, owned by Caledonia Mining. Blanket produced 14,767 ounces of gold in the first quarter of 2026 alone, equivalent to roughly 459 kilograms.

That figure is more than five times RioZim’s entire production for 2025, achieved in just three months.

At its current rate, Blanket would exceed RioZim’s full-year 2025 output in less than three weeks.

The comparison underlines the scale of RioZim’s operational decline and the challenge it faces in regaining a meaningful share of Zimbabwe’s gold output.

The production collapse has also exposed the company’s dependence on fresh financing to restart and sustain operations.

With Cam & Motor idle throughout 2025 and Renco only producing in the final quarter, RioZim lacked the cash flow needed to invest in maintenance, equipment and exploration at a time when higher gold prices would have rewarded increased output.

The arrival of FeiFan Mining as a contract miner and financier at Renco offers a potential lifeline, but the company still needs to restore production at Cam & Motor and stabilize output at Renco to be competitive.

Management now faces pressure to convert the restart at Renco into a broader turnaround for the group.

Gold prices remain at historically strong levels, meaning the incentive to produce is as high as it has been in years.

For RioZim, however, the priority is to solve its funding and operational problems before it can meaningfully take part in the bullion rally that has benefited other miners.

The 2025 results serve as a reminder of how quickly fortunes can change in the mining sector.

A company that once ranked among Zimbabwe’s top gold producers is now struggling to produce what a single rival can deliver in a matter of weeks.

As RioZim works with its new partner to ramp up at Renco, the broader test will be whether it can bring Cam & Motor back online and secure the investment needed to return to the production levels that once defined it.

With gold prices still elevated, the opportunity is there, but the company’s ability to seize it remains in doubt.