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Patrick Chitumba Midlands Bureau Chief
ASBESTOS miner Shabanie Mashava Mines (SMM) is sitting on ore reserves that are worth more than $1 billion that could play a huge role in the economic recovery of the country if exploited.

In an interview on Friday, SMM chief executive Mr Chirandu Dhlembeu said they were excited about the prospects of re-opening as they had audited ore reserves, which had a value of over $1billion.

“We are sitting on $1 billion worth of reserves. That is the value of ore reserves which have been identified and have been audited and there is more. So if we multiply the audited ore reserves with the current international prices we have a $1 billion worth of reserves,” he said.

The asbestos mining company will this week join other mining companies in the country in marketing its products at the mining indaba set for Harare.

The Indaba will present a platform for the new administration in Zimbabwe to attract investments into the country.

Speaking in Mvuma early this month President Emmerson Mnangagwa said the mining indaba will be attended by major mining global players from America, Europe, Asia and Russia as the country continues to sell its potential to international mining investors.

Mr Dhlembeu said they were excited about the forthcoming mining indaba which he said was an opportunity to attract investments.

“As SMM we are excited about the forthcoming mining indaba because we are also going to present that is to give our position paper and prospects hoping to attract investors,” he said.

Estimates indicate that revival of the closed mines could earn Zimbabwe up to $180 million in export revenue annually, given strong prices of asbestos on global markets.

SMM, which also operates Shabanie Mine in Zvishavane, shut down mining operations in 2004 after the Government annexed assets from proprietor Mutumwa Mawere through a reconstruction order, amid indications that the mining company was State-indebted and insolvent.

Mines and Mining Development Minister Winston Chitando told Parliament recently that a de-watering process of flooded shafts was being carried out at Shabanie and Mashava Mine.

He said a total of 50 workers had been engaged to process dumps at the two mines. The minister said the number was expected to rise to 300.

Recently, management completed a report detailing financial and technical requirements for revival of Mashava Mine.

A preliminary report by the management showed that at least $20 million is needed to restart the two mines.

When Mashava starts operating, management will then start working on re-opening Shabanie Mine.

Mashava Mine has capacity to produce 75 000 tonnes after re-opening. Official records also show that the mine has deposits to last at least 17 years.

Zimbabwe has been fighting attempts by some developed countries to ban trade in asbestos over claims of health risks.

The Government of Zimbabwe however insists that if used in a manner that controls inhalation of the fibres, white chrysotile is not only safe to use, but one of the country’s most strategic minerals in terms of its ability to bring export revenue and centrality in the provision of water, sanitation infrastructure as well as low cost housing.

At present, Turnall and other Zimbabwe asbestos material producers, which used to take up 5 to 10 percent of the fibre from SMM, are importing fibre from Brazil and Russia.