Asbestos industry set for new heights

Staff Reporter

Asbestos industry is set to be revamped as investors from the United Arab Emirates (UAE) showed interest in the Shabani Mashava asbestos mine.

A source from King Mine informed this publication that a UAE based investor by the name SSM Agro and General Traders (SSMAGT) expressed interest in Shabani Mashava Asbestos Mine.

"A UAE based investor SSMAGT has expressed interest in Shabani Mashava mine as the two entities signed an agreement on 10 February 2023. SSMAGT was represented by John Mukushi and Arufas Gwaradzimba represented King Mine," said the source.

The source further informed the Harare Post, that the agreement signed between the two companies required that due diligence be done, before production commences.

"Following the singing of the agreement, the two companies agreed that a due diligence process should be followed so that production will commence as soon as possible.  The due diligence process deadline was then set for June 2023.

"In-the-mean-time King Mine is under a dewatering process so that it does not become completely submerged," said the source.

One of the locals at Shabani Mashava, Lawrence Chitiyo was happy with these new developments saying this would entail new employment prospects for the community.

"The revival of King Mine will go a long way in improving the standards of living for the people of Mashava through employment creation and the surrounding communities," said Chitiyo.

Meanwhile, the Second Republic continues to make strides towards the revitalization of the economy as evidenced by a myriad of investors who are trickling into the country exploring for opportunities.