3. RIOZIM
Riozim’s share performance recorded 68.08 percent increase year to date. The Group has continued to make progress and returned to profitability at an operating level during the first six months of the year 2016. This was supported by Gold production which went up by 76 percent while production costs decreased by 19 percent
The company’s performance was also buoyed by improvement in commodity prices as average gold prices firmed by 16 percent. This has resulted in the operating results of the Group improving from an operating loss of $2million, in the comparable period last year, to an operating profit of $2.3million.
Additionally, significant investment has been made in the gold businesses including the new Cam & Motor gold project. Empress Nickel Refinery (ENR) has remained under care and maintenance
Finance costs fell by 46 percent to $2.5million in the HY 2016 against $4.7million recorded in the same period last year.
The company also focuses on the completion of the Cam & Motor Plant Project which is expected to be commissioned in the fourth quarter which envisaged to result in the current gold production at Cam & Motor increasing twofold. On another positive note, the production costs are decreasing further, thereby continuing to improve the performance of the company.
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