A Nigerian billionaire is planning to mine platinum in Zimbabwe

Abu Mubarik Nov 12, 2020 at 11:30am

November 12, 2020 at 11:30 am | Money Moves

Abu Mubarik

Abu Mubarik

November 12, 2020 at 11:30 am | Money Moves

Nigerian oil tycoon to invest $1 billion in Zimbabwe platinum mine. Photo: benedict-peters.com

Bravura Holdings Ltd., owned by Nigerian billionaire Benedict Peters, plans to invest $1 billion in a platinum mine in Zimbabwe. The 3,000-hectare platinum concession is located in Selous, south of Zimbabwe’s capital Harare, according to Bloomberg.

The country manager for Bravura in Zimbabwe, Lionel Mhlanga, said the company is undertaking pre-mining works and that actual mining will commence in the next one and half years.

“From where we are now, we will go to resource definition, after that we will go to resource modeling, after mine development and then mine construction,” he said. “Those are all things that should happen in the next 18 months.”

He added that the group intends to explore mining lithium and tin in Zimbabwe as well as cobalt in the Democratic Republic of Congo, copper in Zambia, gold in Ghana, and iron ore in Guinea. He added that Namibia and Botswana could also be options for the company.

Platinum, which currently trades at $889, is used in making jewelry and electronics. It is a traded commodity on various commodity exchanges worldwide.

Zimbabwe has the world’s third-largest platinum group metals in the world. The administration of President Emmerson Mnangagwa has been keen to revive the country’s mine sector which saw little investment in the last days of former President Robert Mugabe. Frequent change in mining laws in the southern African country has also deterred investors.

“Zimbabwe is open for business and whoever stands in the way, hurting business in this country, will fall. It is not business as usual anymore, things have to change,” Mnangagwa declared in 2018.

Nigerian billionaire Peters also owns Aiteo Eastern E&P Company Limited that manages integrated energy companies. The company focuses on refining, supply, and marketing of petroleum products, exploration, production, bulk storage, as well as offers power generation and distribution services.

In 2018, Peters was presented with the illustrious ‘Africa’s Oil and Gas Leader of the Year’ award at the 2018 Forbes’ Best of Africa Gala held in New York. The award was given to Peters in recognition of his distinguished service to the African oil and gas sector.

Forbes also acknowledged the commitment Peters has shown to improve the lives of citizens of local communities through his philanthropic projects.

You May Also Like:

Want more Global Black News? Click Here to Subscribe to our Youtube Channel for Video Interviews and Features!

Most viewed

Conversations

Must Read