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Nigerian mogul to invest $1bn in Zimbabwe’s platinum mining

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Nigerian mogul to invest $1bn in Zimbabwe’s platinum mining

Bravura Holdings Limited, with interest in oil and gas production and owned by Benedict Peters, has declared plans to take a chance at platinum mining by investing $1 billion in the development of the metal in Zimbabwe, Bloomberg said on Wednesday, quoting its country manager.

The mine, a product of a 3,000-hectare concession, lies in Selous 80 kilometres south of Harare, Zimbabwe’s capital and close to other sites of platinum exploration.

Much as Peter also possesses Aiteo Eastern E & P Company Limited, Nigeria’s largest local oil producer, its experience in mining is minimal.

“From where we are now, we will go to resource definition, after that we will go to resource modelling, after mine development and then mine construction,” said Lionel Mhlanga, Bravura’s country manager for Zimbabwe.

“Those are all things that should happen in the next 18 months.”

Read also: Nigeria looks to mining to diversify revenue stream —Minister

Investors from Russia and Cypriot have also announced their ambition to invest in Zimbabwean platinum mines just like Bravura.

The firms ranks among little-known companies, which have obtained platinum concessions in the Southern Africa country at a time the government of Zimbabwe is looking to reawaken its dormant economy.

Nevertheless, platinum miners with substantial experience in the business are yet to make expansion plans known.

Even though Zimbabwe owns the third-largest platinum group metal reserves in the world, volatility in the regulatory framework of the mining industry and in currency policies is putting investors off.

Bravura equally aspires to explore mining of tin, lithium and rare earth minerals in Zimbabwe, Mhlanga said.

It will also mine copper in Zambia, cobalt in Zambia, gold in Ghana and iron ore in Guinea, Mhlanga added.

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