Zimbabwe’s state-owned gold mining company, Mutapa Gold Resources, plans to double its annual production to 220,000 ounces by 2029 following secured financing for an expansion project, according to production reports released on Friday (12).
Mutapa, the country’s largest gold producer, recorded output of 104,626 ounces in the fiscal year ending March 31, representing a 10% decline compared with the previous year, mainly due to lower ore grades.
The company said it has secured USD 75 million in financing from Zimbabwean banks, covering half of the funding required for the Shamva Hill open-pit mine expansion project. The project is expected to raise the mine’s annual production to around 80,000 ounces, up from the current 24,000 ounces.
Work on the Shamva project, located about 100 km northwest of Harare, is set to begin in August. Mutapa is also in talks with foreign lenders to secure the remaining funding needed, it added.
The rest of the production increase will come from capacity expansion at the Jena mine, with works expected to begin in the final quarter of 2026, improvements at the Freda Rebecca mine, and the integration of output from artisanal miners.
Mutapa, which is owned by Zimbabwe’s sovereign wealth fund, plays a central role in the country’s ambitions to increase gold production. Zimbabwe aims to reach 50 metric tonnes of gold output this year, up from the record 46.7 tonnes recorded the previous year.
Gold is Zimbabwe’s main export product, with external sales reaching USD 1.19 billion in the first quarter of 2026, compared with USD 579 million in the same period the previous year.
In 2025, the country generated USD 4.61 billion from gold exports, accounting for nearly half of total exports, which amounted to USD 9.7 billion.
Source: Reuters
