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Home Wealth & Lifestyle Billionaire Watch

Nigerian billionaire, Benedict Peters Plans to mine Platinium in Zimbabwe

Olumide AdesinabyOlumide Adesina
2 years ago
in Billionaire Watch, Commodities, Spotlight
Nigerian billionaire, Benedict Peters Plans to mine Platinium in Zimbabwe
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Bravura Holdings Ltd – owned by Nigerian billionaire, Benedict Peters, has made plans to dig a platinum mine in Zimbabwe with at least a billion dollars, in a report credited to Bloomberg News.

The Platinium mine is located in Selous, not too far from the south of Zimbabwe’s capital – Harare, and close to present platinum mines. It comprises a 3,000 hectare (7,413-acre) concession.

“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.”

READ: Ethereum robber transfers $1.5 million worth of Crypto

What you should know

At the time of writing this report, the precious metal was trading at $889. The silver whitish metal is used in making jewelry and electronics. Platinum like gold is traded as a commodity on various commodity exchanges globally.

(READ MORE: We were granted approval to export some cement to Niger Republic – BUA)

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.

READ: Shell to focus on Nigeria, Gulf of Mexico and others as it seeks to cut 40% of costs

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.

The Nigerian billionaire 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.

READ: Airtel Africa to sell its 4,500 tower assets to cut down $3.5 billion debts

Bottom Line

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.

Related

Tags: Aiteo Eastern E & P CompanyBenedict PetersBravura HoldingsPlatiniumZimbabwe

Comments 2

  1. Abi says:
    November 12, 2020 at 3:54 pm

    Hi,

    Bonjour.

    I’m a Nigeria based in the UK.

    I would like more information on investment options.

    Regards
    Abi

    Reply
    • Ronnie Maurice says:
      November 12, 2020 at 6:51 pm

      I think the bio info on Olumide Adesina should have read French born Nigerian.

      Reply

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