Bravura Holdings Ltd, a company owned by Nigerian billionaire Benedict Peters has said that it will be investing $1 billion to improve its platinum mine in Zimbabwe.

The 3,000 hectares (7,413-section of land) concession, Selous, which is located 80 kilometres (50 miles) south of Zimbabwe’s capital Harare and near existing platinum mines, will add to the country’s growth and development.

“From where we are now, we will go to resource definition, after that we will go to resource modelling, after mine development and then mine construction,” Lionel Mhlanga, Bravura’s manager in the southern African country, said in an interview at the mine on Nov. 6. “Those are all things that should happen in the next 18 months.”

Bravura is one of many not so popular organizations that have secured platinum concessions in Zimbabwe as the government tries to launch its stagnant economy. In any case, set up platinum miners haven’t reported plans to extend their operational tasks. While Zimbabwe has the world’s third-biggest platinum group metal stores, financial investors have been prevented by regular changes to mining laws and monetary policies.

Notwithstanding, Bravura, Russian and Cypriot organizations have declared plans to put resources into Zimbabwean platinum mines.

Peters owns Aiteo Eastern E & P Company Ltd., Nigeria’s biggest domestic oil producer, but has little mining experience.

The group additionally plans to explore mining lithium, uncommon earth minerals, and tin in Zimbabwe, Mhlanga said.

Likewise, it’s trying to mine cobalt in the Democratic Republic of Congo, copper in Zambia, gold in Ghana, and iron mineral in Guinea, he said. Namibia and Botswana could likewise be possibilities for the company, he said.