Home » Industry » Govt to Revive SMM

Government is looking for money to resuscitate Shabani Mashava Mine and other mines that have closed down over the years, a Cabinet Minister has said.The Minister of Finance and Economic Development, Patrick Chinamasa, also said it would take some time before Zisco became operational as investors were still running around looking for the required money to revive the steel mining firm.

Minister Chinamasa said this in Senate last week while responding to questions from backbenchers.

Midlands Senator Lilian Timveous (MDC-T), asked him what Government was doing to revive Sabi Gold and SMM.

Midlands traditional leader Chief Ntabeni also asked Minister Chinamasa if Zisco would be revived as other Government Ministers had over the years been saying the resumption of operations would be “soon”, yet it remained closed.

“Our major challenge is that of money,” he said. “Sabi Gold collapsed because of financial issues, the same with SMM. That is why we are running around to look for money so that we could lend these companies.”

Minister Chinamasa said a challenge that haunted them was high interest rates that have seen the cost of money to borrow being expensive.

Source : The Herald