RioZim Sues Falcon Resources US$202 Million For ‘Stolen’ Chrome

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RioZim Sues Falcon Resources US$202 Million For ‘Stolen’ Chrome
RioZim Sues Falcon Resources US$202 Million For ‘Stolen’ Chrome

Africa-PressZimbabwe. By Mary Taruvinga – RIOZIM Limited has taken Falcon Resources Pvt LTD and Rusununguko Nkululeko Pvt LTD to court, demanding US$202 million for its chrome it claims were stolen by the two Zimbabwe National Army linked firms in 2018.

RioZim has been up in arms with the two since 2018 after Defence Minister Oppah Muchinguri-Kashiri allegedly unilaterally declared a portion of the company’s mining concessions in the Darwandale area a military zone.

The listed company successfully sought a review of Muchinguri’s decision and sought for an order setting aside the declaration of the cantonment area that has directly benefited Falcon Resources and Rusunguko Nkululeko.

In the latest case, RioZim is demanding US$2,096,408 which is the net processed value of the chrome stolen by the two other companies cited as the respondents in the application before the High Court.

It’s also demanding US$209,640,87 being the cost of rehabilitating the mining site mined illegally by Falcon and Rusununguko Nkululeko Pvt LTD.

The High Court has been told that the two, although acknowledging illegal mining and that an interdict was issued against them, refused to stop the process forcing RioZim to approach the courts.

According to court papers, on May 30 2018, RioZim discovered that the two, acting in connivance, were carrying out illegal mining at its Wendale 43 claim.

Its security then confronted the two but they continued mining.

RioZim then sought and was granted an interdict against the defendants but despite being served, they allegedly continued with the extraction of the chrome ore.

“The plaintiff carried out a survey which results showed that a total 1,415 tonnes with a grade of 50 percent run-of mine chrome mined by the defendants.

“As a result of the defendants’ illegal mining at the said claim, the plaintiff lost 707,00 tonnes of contained chrome.

“The market value of chrome (47 percent to 55 percent) as at the date of the delict was US$1,345 per pound or US$2, 965 per tonne of the contained chromium hence the value of 707 tonnes of chrome ore as at the 6th of June 2018 is US$2,096, 408, 72 the defendants are liable to pay the plaintiff this full sum,” reads the summons.

The matter is yet to be heard.

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