Nigerian billionaire Benedict Peters' company gets a concession to mine platinum on Zimbabwe’s mineral-rich Great Dyke

Nigerian billionaire and founder of Aiteo group Benedict Peters
  • Bavura Holdings, a company reportedly linked to Nigerian billionaire Benedict Peters for commercial mining of platinum.
  • Benedict Peters, who is based in Ghana, is the founder of Aiteo Group, with interests in the energy sector and a major stake in Bravura.
  • Zimbabwe is speeding up investment in the mining sector to transform the ailing economy.

The Zimbabwean government has awarded a concession to Bavura Holdings, a company reportedly linked to Nigerian billionaire Benedict Peters for commercial mining of platinum.

Bavura Holdings, a company, in which the 52-year-old Nigerian oil magnate holds a major stake, is to develop the Serui Concession, south of the Hartley complex on the Great Dyke, the country's information ministry said. Peters, who is based in Ghana, is the founder of Aiteo Group, which has interests in the energy sector.

In 2014, his Nigerian company, Aiteo acquired Shell’s OML29 and Nembe Creek Trunk Line for $2.7 billion following the exit of major international oil companies putting up Nigerian onshore licences for sale.

The move will allow the South African country to speed up investment in the mining sector and transform the ailing economy. The country is aiming to increase mining earnings to $12 billion by 2024 from meager $3.2 billion it made in 2018.

Last year, President Emmerson Mnangagwa's government also signed a concession agreement with Cyprus-based Karo Resources to develop a $4.2 billion integrated platinum mine.

Editor's note: This story has been updated to Bavura Holdings to correct errors in earlier report misrepresenting the company as Bravura Holdings. Bravura Holdings Limited is an investment banking firm specialising in corporate finance and structured solutions services, listed on the Stock Exchange of Mauritius and a secondary listing on the NSX.

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