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.”
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.
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.
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.
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.
Meet Nassef Sawiris of Egypt, the second richest man in Africa after Dangote
The Sawiris family is the richest family in Egypt with vast investments and companies in nearly all sectors of the nation’s economy.
We are all familiar with Alhaji Aliko Dangote, the richest man in Nigeria and the whole of Africa, whose current worth is estimated at $16.4 billion according to Bloomberg.
He is followed by Nassef Sawiris, an Egyptian billionaire and business magnate who runs the most lucrative part of his family’s business Empire. According to Forbes, Nassef Sawiris is worth $8.5bn and is currently the 297th richest man in the world.
Meet the Sawiris family
The Sawiris family is the richest family in Egypt with vast investments and companies in nearly all sectors of the nation’s economy. The patriarch of the Sawiris family is Onsi Sawiris. The 90 years old business magnate started the business in 1950 and has successfully transferred it to his two sons, Nassef and Naguib.
Nassef is the younger of the sons and also the richest.
Nassef Sawiris ($8.5bn)
Nassef Sawiris owns and runs Orascom construction, the construction arm of the Sawiris family business. He also has several personal investments and dealings aside from the family business. Here is a brief outline of his major business portfolios and investments according to Forbes.
- He runs OCI, one of the world’s largest nitrogen fertilizer producers, with plants in Texas and Iowa.
- He runs Orascom construction, one of the biggest construction companies in Egypt.
- He has a 5% stake in Adidas and sits on the supervisory board of the company. This is his biggest and most lucrative investment according to Forbes.
- Nassef Sawiris has a huge stake in West African Cement Company, Lafarge Holcim.
- His latest acquisition is a 5% stake in New York-listed firm, Madison Square Garden Sports, owner of the NBA Knicks and the NHL Rangers teams.
What you should know
Nassef Sawiris and Aliko Dangote share similarities in the sense that they both enjoy immense support from the Egyptian and Nigerian government respectively.
Google founders earn $42 billion in 100 days
Impressive growth in the US economy boosted buying pressure on Google shares as its founders saw their wealth valuation surge.
Google founders Larry Page, 48 and Sergey Brin, 47 have earned more money collectively than the total foreign cash reserve holdings of Africa’s biggest economy.
Larry Page, currently worth $104 billion, has earned $21.2 billion in 100 days; while Sergey Brin, with a wealth valuation of $100 billion, earned $20.4 billion in the same period. Collectively, both men have earned $41.6 billion, dwarfing Nigeria’s foreign cash reserve which currently stands at a gross valuation of $35 billion.
The majority of Larry page’s wealth comes from his stake in Alphabet, the parent company of Google. The Standford trained entrepreneur currently holds $12.6 billion in cash.
Sergey Brin’s wealth valuation is also derived from his stake in the world’s most popular search engine and presently, his cash holding is valued at $12.7 billion.
Impressive growth from the world’s most powerful economy boosted buying pressure on Google shares and its founders saw their wealth valuation surge. Global investors are increasingly holding on the tech juggernaut’s shares as amazing economic data from America’s service industries coupled with an advance in the tech sector fueled the hike in Google shares seen in recent months.
Consequently, investors are piling significant amount of funds into Alphabet Inc., the parent company of Google, with reports saying it won its most recent supreme court case against Oracle, a case that has lingered for about 3 years.
Recent price action reveals the stock is presently trading at $2,285.88 nearing its 52-week high of $2,289.04 with a yearly return on investment currently pegged at 89%.
Stock pundits are surprised by such record gains in Google shares despite a swift move seen lately by some institutional investors into utility, energy-based stocks and of late U.S Treasury bonds.
The company currently has a market value of about $1.54 trillion.
Nairametrics | Company Earnings
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- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.
- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.
- MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.
- Jaiz Bank proposes dividend worth N884 million for shareholders.