Published: 05 September 2017

EXECUTIVE management at Shabanie Mashava Mines (SMM) has completed a report detailing financial and technical requirements for revival of the closed Gaths Mine in Mashava, which holds huge deposits of asbestos.

SMM, which operates Shabanie Mine in Zvishavane and Gaths Mine in Mashava was at some point the world's sixth largest producer of asbestos with an annual output of 140 000 tonnes.

The two mines, formerly owned by businessman Mutumwa Mawere employed 3 000 workers at their peak.

"The management has submitted their report on what is needed to revive Gaths Mines and it is the same report that we are going to use when scouting for potential investors," Deputy Mines and Mining Development Minister Fred Moyo said in an interview.

Deputy Minister Moyo said the SMM management was also working on a report on asbestos miner, Shabanie Mine. Several efforts to revive the company failed to yield results with the most recent being pull out by a South African investor, who had expressed interest in injecting fresh capital into the business.

According to the management, the asbestos deposits at the two mines have a lifespan of 17 years when operating at full capacity. About $20 million is needed for recapitalization in order to resume operations.

While the local asbestos industry faces competition from global producers, the quality of mineral produced by SMM is rated the best and as such there is high demand for it.
- BH24

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