Zimbabwe govt awards $4.2 billion platinum concession deal to firm linked to Nigerian billionaire Benedict Peters

    0
    630

    HARARE, May 23 – Zimbabwe has awarded a concession to explore for and mine platinum to a company linked to a Nigerian billionaire as the country speeds up investment in a mining sector it hopes will transform the country’s struggling economy.

    The concession comes just over a year after President Emmerson Mnangagwa’s government signed an agreement with Cyprus-based Karo Resources to develop a $4.2 billion integrated platinum mine.

    Zimbabwe is seeking to quickly exploit its reserves of platinum, which is used in catalytic converters for limiting emissions at a time vehicle manufacturers are moving to electric cars powered by lithium batteries.

    The information ministry said Bavura Holdings, in which Nigerian billionaire Benedict Peters is a major shareholder, would on Thursday sign an agreement to mine platinum on Zimbabwe’s mineral-rich Greak Dyke. It did not give details.

    Peters, who is based in Ghana, is the founder of Aiteo Group, which has interests in oil.

    Mines Minister Winston Chitando said last month the government would name two new investors to develop separate platinum mining projects west of the capital.

    Anglo Platinum and Impala Platinum Holdings already mine platinum in Zimbabwe. Impala also owns a joint-venture mine with Sibanye-Stillwater.

    A Russian consortium and Zimbabwean investors are developing a platinum project in Darwendale near Harare

    SHARE
    Previous articleNigeria’s Trans Forcados oil pipeline resumes operations – source
    Next articleField for Nigeria’s Amenam oil exports slow resuming – Total
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.