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Walter Mswazie, recently in Mashava
THE disused Mashava Mine under Shabanie and Mashaba Mines (SMM) Pvt Limited is sitting on $1 billion worth of asbestos deposits that could be exploited for the betterment of the economy, a top official has said.
Addressing provincial heads during a tour of the closed mine by Vice President Phelekezela Mphoko recently, SMM chief executive officer Chirandu Ndhlembeu said the asbestos deposits lying idle underground have a lifespan of 17 years with the mine operating at full capacity.
He said for the mine to resume operations, it needs at least $20 million for recapitalisation.
The money, he said, can be raised through leasing some of the mine’s properties as well as running training programmes whereby individuals pay for the training.
Ndhlembeu said Mashava Mine alone has the capacity to produce at least 75,000 tonnes of asbestos in six months.
He said while the asbestos industry faces competition from global producers, the quality of mineral produced by both Shabanie and Mashaba mines was rated the best and as such there is high demand for it.
“The asbestos deposists we have at Mashava’s King Mine have a potential of raising about $1 billion at the present market rate,”saidNdhlembeu.
He said at their peak Shabanie and Mashava mines used to employ about 3,000 workers.
Shabani and Mashava mines were put under judicial management in 2004 after encountering viability challenges, which saw about 75 percent of the employees being retrenched.
The country used to be fifth best producer of asbestos in the world contributing 150,000 tonnes of the mineral to the world market per year and second best exporter after Russia.
The long fibre which the mines used to produce competed with countries such as Russia, Brazil and Canada.
VP Mphoko said Russian investors who visited the mine early last month expressed interest in the asbestos and had promised to come back.
Bongani Ndlovu
Online Reporter