Zimbabwean President Emmerson Mnangagwa. Picture: REUTERS
Zimbabwean President Emmerson Mnangagwa. Picture: REUTERS

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 Chitando said last month that the government would name two new investors to develop separate platinum mining projects west of the capital.

SA’s 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.