Nigerian billionaire Benedict Peters has made plans to develop a platinum mine in Zimbabwe with at least a billion dollars, according to Bloomberg News.
The Platinium mine is located in Selous, the south of Harare, Zimbabwe’s capital. It is also close to present platinum mines, and comprises a 3,000 hectare (7,413-acre) concession.
The Zimbabwean government awarded the mine to Peters in May 2019, as part of its efforts to raise funds through investments.
“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,” Lionel Mhlanga, Bravura’s manager in the southern African country, said in an interview at the mine on November 6. “Those are all things that should happen in the next 18 months.”
Platinum traded at $889 at the time of the report. The silver whitish metal is used in making jewelry and electronics. Platinum like gold is traded as a commodity on various commodity exchanges globally.
Bravura is one of the few on lists of less popular firms that have confirmed platinum concessions in the South African country, as the present administration seeks to jumpstart its stunted economy.
Established platinum miners are yet to announce plans to expand their operations. While Zimbabwe has the world’s third-largest platinum group metal reserves, investors have been deterred by frequent changes to mining laws and currency policies.
Peters is also the owner of 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.
The deal is coming as a surprise to many, as the oil magnate has little exposure and experience in mining, yet it plans to mine rare earth minerals and tin in Zimbabwe.
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