SHABANIE MINE SHAREHOLDING RAISES EYEBROWS

Written by on March 16, 2018

The Parliamentary portfolio committee for mines and energy yesterday adjourned its fact finding meeting with Shabanie Mashava Mines board members after the authorities failed to give satisfactory answers on the company`s shareholding structure.

SMM managing director Stephen Nyagura revealed to the committee that the mine is under ownership of two shareholders, Zimbabwe Mining Development Cooperation (ZMDC) with 76 percent shareholding and SMM UK holding the remaining 24 percent.

 He however failed to clarify who SMM UK was and referred the committee to the administrator for further clarification.

Chairperson for the committee Honourable Themba Mliswa told Ya FM News that they had to reschedule the meeting to a later date with representatives of the board all present.

Meanwhile Hon Mliswa admitted that Shabanie Mine is faced with a lot of operational challenges affecting social lives of the ex-employees and their families.


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