Beebeejaun resigns as RioZim chairman

Published: 29 September 2025

RioZim Limited has announced the resignation of its chairman, Saleem Rashid Beebeejaun, after more than six years at the helm of the embattled mining giant. His departure comes at a time when the company faces mounting debts, a bruising High Court fight, and the prospect of corporate rescue proceedings.

Beebeejaun, who was appointed chairman on June 25, 2019, presided over a turbulent era marked by financial decline, governance failures and controversial asset sales. By June 30, 2024, the company's total liabilities exceeded its assets by at least US$11 million, while debt ballooned to US$191 million, according to an application filed on April 28, 2025, by the Zimbabwe Diamond and Allied Minerals Workers Union. The union is seeking to place RioZim under corporate rescue.

The company attributed its liquidity challenges to soaring production costs, crippling power outages, exchange rate instability, frequent plant breakdowns and weak management decisions. These pressures culminated in severe financial distress, leaving RioZim unable to meet its obligations.

In a statement, the board confirmed Beebeejaun's exit and the appointment of Caleb Dengu as his successor.

"The board of directors wishes to announce the resignation of Mr S R Beebeejaun as the chairman of the board of directors with effect from July 7, 2025. The board, management, and staff of RioZim Limited would like to thank Mr Beebeejaun for his valuable contribution to the Group," read the statement.

"The board of directors is pleased to announce the appointment of Mr Caleb Dengu, as the chairman of the board of directors of the company with effect from July 8, 2025."

Dengu, a seasoned business leader and investment strategist, brings more than four decades of international experience in development finance, public sector reform and private investment. He has served on multiple boards in the mining, energy, finance and technology sectors, and is credited with structuring large-scale infrastructure projects, including the proposed 500 MW Kariba Floating Solar Farm.

Currently, he holds leadership positions as Managing Partner at CDF Trust & Consulting BV, Managing Director of Green Hybrid Power, and Director of Intensive Energy User Solutions. He is a Fellow of the British Institute of Chartered Secretaries and Administrators (FCIS) and holds an MBA from Strathclyde Graduate Business School in Scotland, alongside executive training from Harvard Business School.

Dengu's appointment comes as RioZim faces fresh uncertainty. Last week, a US$37 million payout awarded to more than 200 employees was frozen by the High Court, after the company was shielded by the ongoing corporate rescue process. The ruling underscored the far-reaching impact of RioZim's governance and financial turmoil.

The board expressed confidence that Dengu's leadership and financial expertise would provide a pathway towards recovery, signalling a bid to restore stability and chart a new direction for the miner.
- Newsday

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