RIOZIM Limited says it has put in place new financing options to attract potential investors into its 2 800-megawatt Sengwa coal power project.
This follows the withdrawal of China’s Industrial and Commercial Bank of China (ICBC).
“Due to a mix of considerations brought about by the Covid-19 pandemic, the company has put up various financing options to attract potential investors into the project. Stakeholders will be kept abreast of the developments of the project,” said Saleem Rashid Beebeejaun, the group’s chairman, said in financial statements for the year to December 31 2021.
The firm said operations were affected by power outages across its mines, along with policy inconsistencies.
The firm reported a seven decline in gold output, but revenue increased by 84 percent to $5,8 billion.