Rani Investment dismisses River Ranch Mine speculation

Rani Investment, the majority shareholder in Limpopo Mineral Resources, the company which owns the River Ranch Mine in Beitbridge, has dismissed recent press reports published locally and on the internet as unfounded and baseless.

The late Solomon Mujuru
The late Solomon Mujuru

These reports alleged, among other things, that the good relationship between the chairman of Rani Investment’s parent company, Mr Adel Aujan, and the late General Solomon Mujuru, who had a minority interest in the mine, had soured.

Some of them also alleged that Rani Investment had snubbed the minority shareholder by offering its shares to the government. They suggested Rani Investment had been resistant to complying with the country’s indigenisation regulations.

A spokesperson for the company affirmed the relationship between the late General Solomon Mujuru and Mr Adel Aujan, the chairman of the parent company of Rani Investment, has always been one of friendship and mutual respect.

“The sad demise of the general came as a shock to us, as it did to everyone who knew and respected him,” he said.

“Rani Investment has always acted within the laws of the country. It has always addressed the requirements of all governmental authorities with the utmost respect.”

“Our interaction with the Ministry of Indigenisation has always been in the spirit of dialogue and mutual understanding, and in ensuring we comply with Zimbabwe’s Indigenisation and Economic Empowerment Regulations within the stated timeframes,” the spokesperson added.

He said Rani Investment remained committed to Zimbabwe. It had only decided to sell its interest in River Ranch because of a need to refocus its financial and management resources on its core business in Zimbabwe and Southern Africa, which is within the tourism and hospitality sector.

After more than three months of discussions and the lapse of a mutually-agreed deadline, the minority shareholder had not managed to make an offer for Rani Investment shares. As a result, the company decided to offer its shares to the government of Zimbabwe.

The company believes the Government of Zimbabwe is ideally suited to manage the mine in the best interests of the country.

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