Benedict Peters to Inject $1 billion into Zimbabwe’s Mining Platinum

Nigerian oil mogul, Benedict Peters has plans to pump $1 billion into the mining of platinum in Zimbabwe.

Lionel Mhlanga the Manager of Bravura Holdings Ltd, Zimbabwe,in a statement said the “3,000 hectares (7,413-acre) concession where Bravura plans to dig the mine is in Selous, 80 kilometers (50 miles) south of Zimbabwe’s capital Harare and close to existing platinum mines. 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.”

“Those are all things that should happen in the next 18 months. The money is available”, he added.

Peters owns Aiteo Eastern E & P Company Ltd., Nigeria’s biggest domestic oil producer, Still, “the group also intends to explore mining lithium, rare earth minerals and tin in Zimbabwe. It’s also seeking to mine cobalt in the Democratic Republic of Congo, copper in Zambia, gold in Ghana and iron ore in Guinea, Namibia and Botswana could also be options for the company”, Mhlanga said.

Bravura is one of the companies that have secured platinum concessions in Zimbabwe as the government seeks to make better its stagnant economy.

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While Zimbabwe has the world’s third-largest platinum group metal reserves, investors have been discouraged by frequent changes to mining laws and currency policies.