Nigerian billionaire wins platinum concession in Zimbabwe

Joseph Inokotong

A company linked to a Nigerian billionaire has been awarded a concession by Zimbabwe to explore for and mine platinum as that country speeds up investment in a mining sector it hopes will transform its struggling economy.

The information ministry, according to report by Reuters said Bavura Holdings, in which Nigerian billionaire Benedict Peters is a major shareholder, would on Thursday sign an agreement to mine platinum on Zimbabwe’s mineral-rich Greak Dyke. It did not give details.

It added that “Peters, who is based in Ghana, is the founder of Aiteo Group, which has interests in oil.”

The concession comes just over a year after President Emmerson Mnangagwa’s government signed an agreement with Cyprus-based Karo Resources to develop a $4.2 billion integrated platinum mine.

Zimbabwe is seeking to quickly exploit its reserves of platinum, which is used in catalytic converters for limiting emissions at a time vehicle manufacturers are moving to electric cars powered by lithium batteries.

Mines Minister, Winston Chitando said last month the government would name two new investors to develop separate platinum mining projects west of the capital.

Anglo Platinum and Impala Platinum Holdings already mine platinum in Zimbabwe. Impala also owns a joint-venture mine with Sibanye-Stillwater.

A Russian consortium and Zimbabwean investors are developing a platinum project in Darwendale near Harare.