RioZim appoints new CEO

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Diversified mining firm, RioZim Limited, has appointed Manit Mukesh Shah as its new chief executive officer.

The appointment is with effect from 1 July, 2020.

Manit replaces the group’s current CEO Bhekinkosi Nkomo, whose term ends on the 30th of June, 2020, following his decision to step down to pursue other career opportunities.

Bhekinkosi is leaving the post he has been holding since his appointment in 2017, although he had been with the company for the past eight years.

RioZim said the new incoming CEO has vast knowledge of the workings of the group due to his experience working within the group over the years.

“Prior to this appointment, Manit has been heavily involved in both the operations and management of the company as chief operations officer, his contribution in that position has been invaluable.

“In that role, Manit has led teams that have unlocked value across all the six operations of RioZim. Manit also sits on the board as an executive director,” said RioZim.

“For close to seven years, Manit has played an integral part in the strategic development and plan execution at RioZim Limited.

“During his time with the company, he has consistently shown a strong strategic and operating acumen as well as demonstrated a longstanding commitment to environmental and social responsibility within mining, which is central to RioZim’s decision- making and corporate strategy.”

Manit started his career in Auditing, Corporate Finance and then discovered his true passion in operations and turnaround management.

Having lived and worked in four continents, he brings to the steering wheel, innovation and high growth strategies obtained through extensive exposure gained across diverse industries.

He earned his Master’s in Finance and attended LMBS and the London School of Economics.

He is a member of the Institute of Chartered Accountants in India (ICAI) and the ISACA in the USA.

Manit is also an alumnus of the Harvard Business School.

RioZim, which is one of Zimbabwe’s biggest gold producers recently announced that it had been forced to stop gold mining operations by inability to meet operating costs.

In a cautionary statement to shareholders last week, RioZim said the Reserve Bank of Zimbabwe (RBZ) imposed retention threshold and the pegged exchange rate (at the time) meant it was only receiving 80 percent of its earnings from the sale of gold.

The central bank has since moved from the pegged rate of 25:1 to a foreign currency auction system, which commenced this Tuesday.

That initial auction determined a rate (for the week) of 57:1.–ebusinessweekly.co.zw

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