Zimbabwe’s state-owned Mutapa Gold Resources plans to double its annual output to 220,000 ounces by 2029 after securing crucial funding for a multi-asset expansion project, official production reports revealed Friday.
The state-backed miner has raised $75 million from local Zimbabwean commercial banks to fund the first phase of the expansion, while active negotiations continue with international lenders for an identical $75 million tranche.
Capital from the initial $150 million funding package will primarily target the Shamva Hill open-pit project, driving its standalone annual gold production from 24,000 ounces to nearly 80,000 ounces starting August 2026.
The aggressive expansion follows a 10% year-on-year drop in Mutapa’s output to 104,626 ounces for the fiscal year ending March 31, a decline management attributed to depleting surface ore grades.
Remaining resources will optimize recovery plants at the flagship Freda Rebecca mine, expand capacity at Jena Mine in late 2026, and integrate registered small-scale artisanal mining output into state supply lines.
This state-level scaling aligns with a broader national push to generate foreign exchange liquidity. Gold remains Zimbabwe’s primary economic anchor, accounting for 47.5% of total national export earnings in 2025.
Surging global bullion prices boosted Zimbabwe’s first-quarter gold export revenue to $1.19 billion, nearly doubling the $579 million recorded during the same period last year, according to central bank data.
Mutapa’s infrastructure upgrade underpins a national target to lift total gold production to a record 50 metric tons, up from the 46.7 tons registered during the previous calendar year.
