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Zimbabwe awards platinum concession to firm linked to Nigerian billionaire

Published 23/05/2019, 07:39
Zimbabwe awards platinum concession to firm linked to Nigerian billionaire

HARARE, May 23 (Reuters) - 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.

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