RioZim Limited, one of Zimbabwe’s largest mining firms has appointed Manit Mukesh Shah as its its new chief executive officer.
Manit is largely viewed as being skilled in turnaround management.
He is a managing director at Global Emerging Markets, a $3.4 billion alternative investment group that manages a diverse set of investment vehicles focused on emerging markets across the world.
His appointment as RioZim CEO 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.
Said RioZim on the new appointment:
“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,.
“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 Limited’s gold output last year declined 7% to 1 658 kgs from 1 792 kgs in 2018 as all its three gold mines recorded production declines due to power outages and a plant breakdown.
The depressed output had a knock-on effect on the the group’s 2019 financials as total revenue for the period was lower.
And earlier this month, the group told shareholders that it had been forced to stop gold mining operations by inability to meet operating costs.