Our Reporter

Nigerian oil magnate, Benedict Peters, is veering into platinum mining in Zimbabwe with his company, Bravura Holdings Ltd., investing $1 billion in that sector.

Peters owns Aiteo Eastern E & P Company Ltd., Nigeria’s biggest domestic oil producer.

Bravura Holdings, according to its country manager, Lionel Mhlanga, has concession to dig 3,000 hectare (7,413-acre)  for platinum in Selous, 80 kilometres  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,” Mhlanga said in an interview.

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

Bravura is one of a number of little-known companies that have secured platinum concessions in Zimbabwe as the government seeks to kick start its stagnant economy.

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Still, established platinum miners haven’t announced 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.

In addition to Bravura, Russian and Cypriot companies have announced plans to invest in Zimbabwean platinum mines.

Although Peters has little experience in mining, his company also intends to explore mining lithium, rare earth minerals and tin in Zimbabwe, Mhlanga said.

It’s also seeking to mine cobalt in the Democratic Republic of Congo, copper in Zambia, gold in Ghana and iron ore in Guinea, he said.

Namibia and Botswana could also be options for the company, he said.