Low demand means no interest in reopening Zimbabwe’s asbestos mines

The Zimbabwe government’s hope that asbestos mining could be revived in the country have not been realised because there is little interest in the deadly product.

Ministers have supported efforts to secure capital to reopen the troubled Shabanie and Mashaba Mines (SMM), but these efforts have failed to bear fruit. President Robert Mugabe’s administration has negotiated with several potential foreign investors, mainly from Russia and China, but it now appears all hopes to resuscitate Shabanie Mine in Zvishavane and Gaths Mine in Mashaba have evaporated.

The Financial Gazette reports the two asbestos mines, which closed in 2008, require US$1 billion in fresh capital to resume operations. Mines and Mining Development deputy minister, Fred Moyo, earlier this year conceded that efforts to lure investors were being hampered by low global demand for asbestos.

“We are not getting investors [for SMM] and it seems to be a big problem largely because the market for asbestos is not looking good,” Moyo said.

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