Harare — 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 $4.2bn 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 when vehicle manufacturers are moving to electric cars powered by lithium batteries. The information ministry said Bravura 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 Great 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 C...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now