HARARE – Zimbabwe’s State-owned gold mining firm Mutapa Gold Assets plans to double its annual output to 220 000 oz by 2029 after securing funding for an enlargement undertaking, in accordance with manufacturing experiences made out there to reporters on Friday.
Mutapa, the nation’s largest gold producer, had output of 104 626 oz within the monetary 12 months to March 31, in accordance with the paperwork, a ten% decline from the 12 months earlier than primarily as a consequence of decrease grades.
The corporate mentioned it had secured $75-million from Zimbabwean banks, half the funding necessities for its Shamva Hill open pit undertaking, which is able to increase the mine’s output to just about 80 000 oz yearly from about 24 000 oz presently.
Work on the Shamva undertaking, about 100 km (62.14 miles) north-west of Harare, will start in August, and Mutapa is negotiating with international lenders for the stability of the undertaking’s capital necessities, it added.
The remainder of the extra manufacturing will come from a capability enlargement on the firm’s Jena mine, the place work is predicted to start out within the remaining quarter of 2026, improved output at its Freda Rebecca mine, and strikes to include materials from artisanal miners.
Mutapa, owned by Zimbabwe’s sovereign wealth fund, is vital to the nation’s ambitions to boost gold output. The nation is focusing on 50 metric tons of manufacturing this 12 months from final 12 months’s document 46.7 tons.
Gold is Zimbabwe’s prime international forex earner, with export gross sales reaching $1.19-billion within the first quarter of 2026, towards $579-million throughout the identical interval final 12 months.
Zimbabwe earned $4.61-billion from gold exports in 2025, almost half of the nation’s whole exports of $9.7-billion.
