SMM eyes world market

SHABANIE Mashava Mines is keen to capitalise on the vacuum created by closure of most of its competitors in the asbestos world market to reclaim its market share, legislators have heard.

SMM managing director Mr Steven Nyagura said they were mobilising resources to revive the Zvishavane-based mine through various business initiatives.

Mr Nyagura said t his on Thursday while briefing the Parliamentary Portfolio Commit- tee on Mines and Energy chaired by Norton MP Mr Temba Mliswa during a tour of the mine.

“There is great potential. The only competition was from Canada and Brazil.

“Brazil is in the process of winding down operations,” said Mr Nyagura.

He said the firm had resumed operations but was operating at 10 percent capacity.

“Shabanie Mine is flooded to 350 metres below surface against a depth of 1040.

“We have had glitches of de-wa- tering because of foreign currency but we are dewatering the two mines, here in Zvishavane and at Gaths Mine in Mashava,” said Mr Nyagura.

He said they had recruited 153 workers and they were currently working on dumps where they were processing asbestos fibre for the local market. Briefing the committee, SMM chief finance officer Mr Luckson Dziva said the Zimbabwe Mining Development Corporation owned 76 percent of the company while the remaining 24 percent belonged to SMM UK.

There was, however, a heated debate on the identity of the SMM UK as legislators demanded to know how ZMDC acquired its shareholding. Mr Dziva declined to respond referring questions to SMM administrator Mr Afaras Gwaradzimba who had assumed chairmanship of the board.

Legislators led by Mr Mliswa wanted to know who else constituted the board but Mr Dziva and Mr Nyagura declined to respond saying Mr Gwaradzimba was the best person to respond.