RioZim to Pay Centametall Debt Over 66 Months, Newsday Reports

RioZim Ltd. (RIOTZ) will pay an outstanding $6.6 million debt to Centametall AG over 66 months, Newsday reported, citing RioZim Managing Director Ashton Ndlovu.

The settlement accord for the ending of a toll-refining contract involved $13.6 million due to Centametall and RioZim taking over the Empress nickel refinery, which has a potential value of $58 million, Harare-based Newsday said on its website. The company has delivered $7 million of metal to Centametall as part of the settlement, it said. The repayment of the $6.6 million balance will begin in April 2014, it said.

RioZim, which also mines gold, produced 62 kilograms (137 pounds) of the metal in the second quarter of this year, compared with 55 kilograms in the previous three months, Newsday reported.

To contact the reporter on this story: Brian Latham in Johannesburg at in Harare at blatham@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

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