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Benedict Peters’ company gets concession for platinum mining in Zimbabwe

A company linked to Benedict Peters, Nigerian billionaire and founder of Aiteo Group, has gotten a concession from the Zimbabwean government for the commercial mining of platinum.

Bavura Holdings, in which the 52-year-old holds a major stake, is to develop the Serui Concession, south of the Hartley complex on the Great Dyke.

Emmerson Mnangagwa, president of Zimbabwe, is expected to oversee the signing event.

newZWire, a local newspaper, reports that the Southern African country had previously announced its intentions to award idle mining fields to new investors.

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Aiteo, Bavura’s parent company, is involved in oil and gas and power generation.

It branched out to mining in 2017 when it first received a license in the Democratic Republic of Congo.

According to the local medium, deposits at Hartley are complex to mine even for experienced miners.

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“In 1999, Australian firm BHP abandoned mining after hauling only a third of the budgeted ore output, failing to manage the unstable ground, and suffering a loss of reserves and ore dilution at levels well outside feasibility studies,” it said.

In 2014, Aiteo acquired oil-mining leases from Shell for $3 billion. It also runs Nembe Creek Trunk Line, a 100km pipeline with a capacity of 600 thousand barrels per day.

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