Online Reporter
Rutendo Nyeve, [email protected]
THE Government has issued a fresh 24-month reconstruction order for the troubled Shabani and Mashaba Mines (SMM) and appointed Mr Munashe Shava as the new administrator to spearhead the revival of the iconic asbestos and gold mining concern.
This was revealed by the Deputy Minister of Mines and Mining Development, Engineer Caleb Makwiranzou.
SMM, located in Zvishavane, was once a major pillar of the Zimbabwean economy.
The mines ceased operations in the late 1990s following a combination of depressed global asbestos prices, operational challenges, and mounting debts, leading to liquidation.
The assets have since remained under judicial management, with various revival attempts failing to restore full production over the past two decades.
“Shabani and Mashaba Mines (SMM) remain under judicial management. This judicial management is in terms of the Reconstruction of State Indebted and Insolvent Companies Act
“With the administration falling under the Ministry of Justice, the Government has issued a fresh 24-month reconstruction order and appointed Mr Munashe Shava as the new administrator. Mr Munashe Shava brings significant mining executive experience, indeed, from Hwange Colliery and Kuvimba Mining House,” said Eng Makwiranzou.
The Deputy Minister acknowledged past failures, noting that numerous investors had come and gone without fulfilling production promises.
He said the new administrator would be held strictly accountable.
“The Ministry acknowledges that over two decades of revival efforts, there have been marked failures. There have been investors, but they have failed and there have been some unfulfilled production promises.
“The Government stresses that the new administrator has been given clear mandates to develop a commercially viable roadmap. The administrator will be held accountable for measurable milestones,” said Eng Makwiranzou.
