SMM seeks partner to develop stands

HABANIE Mashaba Mines (SMM) is seeking a partner to develop its pieces of land in Zvishavane with a view of constructing houses for resale.

The asbestos miner has two huge stands in Zvishavane between the high density suburb of Maglas and Eastlea medium density suburb.

Efforts by the SMM management are part of the company’s turnaround strategy where it is seeking to raise capital to restart operations.

The asbestos miner, which used to be the sixth asbestos producer in the world, needs at least $60 million to kickstart operations. SMM ceased operations in 2005 following a fallout between businessman Mr Mutumwa Mawere who was the majority shareholder and Government, a development that left about 5000 workers jobless. Mr Chirandu Dhlembeu, the company’s chief executive officer said:

“We have an interesting project where we have two stands that are in Maglas and they lie between the high density suburb and a medium density suburb. We are exploring an opportunity to develop with a partner and then sell as completed housing units,” he said.

“At the moment we are at an evaluation stage where we would like to see which option gives us the highest benefit. Once that is completed we will then roll out the exercise,” added Dhlembeu.

The development comes as the company is in the process of disposing its houses in both Zvishavane and Mashava as it seeks to raise $196 million from the various initiatives. SMM has also called for an expression of interest to recycle its dumps and has also indicated plans to dispose of its gold, nickel, tantalite and other mineral claims.

SMM has a lifespan of 17 years and is sitting on 1 billion tonnes worth of asbestos fibre worth over $9 billion under the current world prices of the commodity. —@ lavuzigara1.