Published: 04 June 2018

MASHAVA Mine management is optimistic that operations at the defunct firm will resume soon following the mobilisation of $14 million.

In total the company needs $52 million for its recapitalisation but would start operating if it mobilises at least $20 million.

In an interview, chief executive Mr Chirundu Dhlembeu, said the company had rehired some of the staff members to draw water from the mine shafts and the work was expected to last for at least 12 months before commencement of normal operations.

He said, once in operation, the company would create 1 400 jobs in the next 17 years before any further exploration.

"We are optimistic that with the $14 million that we got from the sale of some of the company's infrastructure to Great Zimbabwe University, we can resume operations," said Mr Dhlembeu.

"However, the first phase needs at least $20 million and we have the capacity to raise that figure from selling our land for housing.

"We need at least 12 months to pump out water from the shafts before we start normal operations."

He said Mashava Mine has vast mineral deposits, which can last more than 20 years and fetch nearly $800 million on the world market.

"This mine has over 17,7 million tonnes of asbestos ore reserves with a potential value of $790 million at present price, on the world market. The asbestos mine has a potential to contribute immensely to the province and national economy, once it starts to operate.

"The demand for asbestos is still high and with some traditional producers having stopped from producing long fibre, there is a ready market," said Mr Dhlembeu.

He said management's hope hinged on the new dispensation led by President Mnangagwa whose ascendancy to power has attracted about $16 billion in foreign direct investment (FDI), into the country since last November.

"Before any further exploration the ore, which is at King Mine here in Mashava, will enable us to produce 75 000 tonnes of fibre per year. This will be for the next 17 years in operation and the total budget is $52 million. Potential foreign currency generation for the country will be $45 million per annum," said Mr Dhlembeu.

"With the new dispensation led by President Mnangagwa, we see Mashava Mine returning to its former glory."

He said the asbestos ore at Mashava Mine had many other minerals that can be tapped to support its full recapitalisation efforts.

Mr Dhlembeu said the minerals were fetching good money on the world market and were already sustaining the "skeletal" staff presently operating at the mine.

He said the mine has other mineral resources in the asbestos dumps.

"We have nickel, chrome, manganese seams within Mashava. We also have our dumpsite where we can produce the fibre that we want and we will be able to export in return for the much needed foreign currency."

The mine, which is under Shabani and Mashaba Mine (SMM) Holdings, shut down operations in 2004.
- zimpapers

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