By Jeph Ajobaju, Chief Copy Editor
Bravura Holdings has put $1 billion on the table to mine platinum in Zimbabwe, a country known in the past for agricultural exports but now cash strapped with hyperinflation and a struggling economy.
Bravura is owned by Benedict Peters, a Nigerian who also owns Aiteo Eastern E&P Company that specialises in refining, supply, and marketing of petroleum products, exploration, production, bulk storage, as well as offers power generation and distribution services.
Aiteo is Nigeria’s biggest domestic oil producer, but has little experience in mining.
Platinum – a precious metal currently trading at $889 – is used in making jewelry and electronics and, like gold, is traded as a commodity on various commodity exchanges globally.
Bloomberg reports that the platinum mine is located in Selous, not too far from the south of Zimbabwe’s capital, Harare, and close to present platinum mines. It comprises a 3,000 hectare (7,413-acre) concession.
“From where we are now, we will go to resource definition, after that we will go to resource modeling, after mine development and then mine construction,” Lionel Mhlanga, Bravura’s manager in Zimbabwe, said in an interview with Bloomberg on November 6.
“Those are all things that should happen in the next 18 months.”
Bravura is one of the few on lists of less popular firms that have confirmed platinum concessions in the South African country, as the present administration seeks to jumpstart its stunted economy.
Established platinum miners are yet to announce 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.
Nairametrics says the deal comes as a surprise to many, as Peters has little exposure and experience in mining, yet plans to mine rare earth minerals and tin in Zimbabwe.
Mhlanga said Bravura is also seeking to mine cobalt in the Democratic Republic of Congo, copper in Zambia, gold in Ghana and iron ore in Guinea.
Namibia and Botswana could also be options for the company, he added.
Russian and Cypriot companies have announced plans to invest in Zimbabwean platinum mines.
Mhlanga said Bravura also intends to explore mining lithium, rare earth minerals and tin in Zimbabwe, and is also seeking to mine cobalt in the Democratic Republic of Congo, copper in Zambia, gold in Ghana and iron ore in Guinea.
Namibia and Botswana could also be options for the company, he added.
