Aiteo CEO Benedict Peters goes into platinum mining in Zimbabwe

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

Bloomberg reported that Peters’ Bravura Holdings Ltd. said the money is available, quoting the country manager, Lionel Mhlanga.

The 3,000 hectare (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.

Mhlanga Zimbabwe manager of Bravura at the platinum mining site outside Harare

“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, Bravura’s manager said in an interview at the mine.

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

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

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.

Peters owns Aiteo Eastern E & P Company Ltd., Nigeria’s biggest domestic oil producer, but has little experience in mining.

Still, the group 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.