London, May 25, 2019 (AltAfrica)– Zimbabwe economy may be in taters, consumer prices have surged at their fastest pace since a hyper inflationary spiral a decade ago
Inflation accelerated to 20.9% in a couple of months ago, from 5.4% in the previous month. The price of food, which contributes a third to the inflation basket, surged 27% from a year earlier.
But in spite of this , a Nigerian billionaire, Benedict Peters is striking it big in the Southern African country.
Zimbabwe has awarded a company linked to the Nigerian billionaire who founded the Aiteo Group a concession to explore for and mine platinum as the country speeds up investment in a mining sector it hopes will transform the country’s struggling economy. That’s according to Reuters
Nigerian billionaire, Benedict Peters who strikes it big in ZimbabweZimbabwe is seeking to quickly exploit its reserves of platinum, which is used in catalytic converters for limiting emissions at a time vehicle manufacturers are moving to electric cars powered by lithium batteries.
The concession comes just over a year after President Emmerson Mnangagwa’s government signed an agreement with Cyprus-based Karo Resources to develop a $4.2 billion integrated platinum mine.
READ ALSO: APAPA GRIDLOCK: LASMA BEGINS ENFORCEMENT OF PRESIDENTIAL ORDER
The information ministry said Bavura Holdings, in which Nigerian billionaire Benedict Peters is a major shareholder, would next Thursday sign an agreement to mine platinum on Zimbabwe’s mineral-rich Greak Dyke. No further details were made available
President Emmerson Mnangagwa of Zimbabwe hopes Nigerian business mogul Benedict peters can help steady spiraling economy Peters, who is based in Ghana, is the founder of Aiteo Group, which has interests in oil.
Mines Minister Winston Chitando said last month the government would name two new investors to develop separate platinum mining projects west of the capital.
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.
Benedict Peters who founded the Aiteo Group, which has interests primarily in energy and is the largest indigenous oil producing firm in Nigeria by output.
As of November 2014, he had an estimated net worth of US$2.7 billion. Peters is ranked by Ventures Africa as the 17th richest person in Africa and the 7th richest person in Nigeria
The post Nigerian billionaire, Benedict Peters strikes it big in Zimbabwe appeared first on Alternative Africa.