Breaking News

Zimbabwe Mining Development Corporation in bid to revive Shabanie Mashava Mine

by Staff Reporter
27 February 2013 | 3378 Views
Government's mining arm, the Zimbabwe Mining Development Corporation (ZMDC) says it has intensified the search for a strategic partner for the resuscitation of Shabanie Mashava Mine (SMM).




The parastatal, which took over the running of the asbestos mining concern, says it is in the process of scouting for equity partners for the resuscitation of the mine.

US$120 million is needed for the mine to become operational.

ZMDC General Manager, Engineer Jerry Ndlovu, who highlighted the strain by the asbestos mining company on the financial performance of the parastatal said ZMDC has no capacity to meet the capital requirements in the resuscitation process, hence the hunt for an investing partner.

"The parastatal has no capacity on its own to see the full operationalisation of the mining concern. Since we took over, we have attempted to bring sanity in the operations but the required amount is beyond the parastatal capacity and to that end, we are in the process of engaging strategic partners," he said.

Eng. Ndlovu said apart from engaging potential investors, the parastatal is also considering acquiring a credit line from both local and international financiers.

According to the ZMDC boss, the entity has however invested substantial amount in the upgrading of some section of the existing infrastructure including the refurbishment of the brittle plant at a cost of US$2 million.

Before suspending operations, SMM used to produce an estimated 200 000 tonnes of fibre every year.

If fully operational, SMM can employ thousands of people.


Shabanie Mashava Mine

Source: zbc

Comments

News Updates via Email

Email:

News Updates via WhatsApp

Latest News

Government is prepared for the natural disaster - Watching Vice Presid...

by Rufaro Mufundirwa | 11 February 2016 | 23 Views

UK-based Zimbo quits job to 'sing for God' - A UK-based Zimbabwean pro...

by Xolisani Nyathi | 11 February 2016 | 301 Views

Sex worker screams rape as married man fails to pay for services - A M...

by Melody Baya | 11 February 2016 | 447 Views

Chief Sibasa's methods irritate parents - CHIEF Sibasa's popularity ra...

by Kamangeni Phiri | 11 February 2016 | 369 Views

RBZ making all the right noises but… - The Reserve Bank of Zimbabwe ...

by Vince Musewe | 11 February 2016 | 234 Views

Tsvangirai invades Masvingo - MDC-T leader Morgan Tsvangirai is in M...

by Staff Reporter | 11 February 2016 | 444 Views

Private school likely to increase fees - PRIVATE schools could be forc...

by Auxilia Katongomara | 11 February 2016 | 1464 Views

Church members nabbed for digs up grave in-search of 'riches'

by Walter Mswazie | 11 February 2016 | 1412 Views

Magaya summoned over 11 deaths

by Patrick Chitumba | 11 February 2016 | 1603 Views

Zanu-PF politburo bans social media abuse

by Tendai Mugabe and Felex Share | 11 February 2016 | 1884 Views

Mugabe breathes fire, blast Zanu-PF bigwigs

by Felex Share | 11 February 2016 | 2958 Views

'Did Mugabe assign Charamba to warn successionists?' - Mahoka - Zanu-P...

by Staff Reporter | 11 February 2016 | 1685 Views

Zimbabwe average dam levels at 51% - Upper Ncema is almost dry

by Staff Reporter | 11 February 2016 | 588 Views

Zimra warns clients to update their records

by Stephen Jakes | 11 February 2016 | 873 Views

Mayor's attempt to defend Banda a desperate ploy

by Stephen Jakes | 11 February 2016 | 885 Views

Residents unhappy over lack of development in Mandara - Mandara reside...

by Stephen Jakes | 11 February 2016 | 598 Views

NCA concerned over police on Tomana's arrest

by Stephen Jakes | 11 February 2016 | 939 Views

Chinamasa hails introduction of tax management system

by Stephen Jakes | 11 February 2016 | 715 Views

Zim opposition stuck in self destruction

by Stephen Jakes | 11 February 2016 | 681 Views

Kuwandzana residents go for close to a month with uncollected garbage

by Stephen Jakes | 11 February 2016 | 450 Views

Harare Residents appeal for more boreholes as water crisis escalates

by Stephen Jakes | 11 February 2016 | 406 Views

Government must address Gukurahundi issues- MP - Chitungwiza North MP ...

by Stephen Jakes | 11 February 2016 | 785 Views

Sexy ghost strips in the middle of the road causing accidents - A sexy...

by Staff Reporter | 11 February 2016 | 2433 Views

PDP secretary general Gorden Moyo involved in accident

by Stephen Jakes | 11 February 2016 | 1246 Views

Uebert Angel buys wife Lamborghini for Valentines

by Staff Reporter | 10 February 2016 | 3626 Views

Dokora must watch his steps - Mthwakazi Nation is really concerned abo...

by Siyabonga Ndiweni | 10 February 2016 | 2345 Views

Zanu propaganda can not decampaign ZAPU-Andrew Nyathi well done - The ...

by Sikhumbuzo Moyo | 10 February 2016 | 1219 Views

'Welshman Ncube running MDC like a spaza shop'

by Staff reporter | 10 February 2016 | 1838 Views

Mnangagwa on the ropes - After a week in which the political pendulum ...

by Staff reporter | 10 February 2016 | 4676 Views

Chicken Inn ready for Peter Ndlovu's Mamelodi Sundowns - Zimbabwe's re...

by Staff reporter | 10 February 2016 | 2088 Views

Entertainment

Cont Mhlanga retires as wife takes over

by Bongani Ndlovu | 11 February 2016 | 323 Views

Trevor Dongo's marriage collapses after 7 months

by Staff Reporter | 09 February 2016 | 5760 Views

1ns and 2s with DJ-Sticha - Business Advice for Aspiring Musicians

by DJ-Sticha | 08 February 2016 | 1215 Views

Double-decker bus blown up in London for 'The Foreigner'

by Staff Reporter | 07 February 2016 | 4401 Views

Every 12 hours a new artist is born into Zim's heavily contested gospel music industry

by Maxwell Teedzai Entertainment in Harare | 07 February 2016 | 1865 Views

Dog eat dog @ #NAMA2016 - THE sturdy list of nominees for the 15th edi...

by Prince Mushawevato | 07 February 2016 | 1180 Views

Bulawayo Music Awards appeal for support - The Bulawayo Music Awards h...

by Stephen Jakes | 05 February 2016 | 1416 Views
iBlog

Samsung Gear Vr Innovator Edition For S6: The Perfect Vr Intro For Professionals

we're drenched in talk about the impending wave of consumer-facing vr headsets about to hit the market, starting at the end of 2015. by contrast, you can walk into a best buy right now and pick up the samsung gear vr innovator edition for the galax... Read More
Sergey 20 June 2015 ago

Apple Watch Teardown Reveals Unique Hardware And Replaceable Parts

The apple watch may not be fine jewelry, but bill detwiler cracks it open and shows you why he thinks it's a fine piece of tech. the apple watch may be beautiful on the outside, but how about on the inside? in this cracking open installment, we go in... Read More
Sergey 11 June 2015 ago