Zimbabwe State-Owned Miner Mutapa Gold Plans Major Expansion to Double Output by 2029
Zimbabwe’s Mutapa Gold Targets Doubling Production by 2029 After Securing Expansion Funding
Zimbabwe’s state-owned mining company, Mutapa Gold Resources, plans to more than double its annual gold production to 220,000 ounces by 2029 following the launch of a major expansion programme backed by new financing.
Production reports released to reporters on Friday showed that Mutapa produced 104,626 ounces of gold in the financial year ending March 31, representing a 10% decline from the previous year. The company attributed the drop mainly to lower ore grades at some of its operations.
Despite the decline, Mutapa Zimbabwe’s largest gold producer is moving ahead with ambitious growth plans aimed at significantly increasing national gold output.
The company said it has secured $75 million in funding from local Zimbabwean banks, covering half of the capital required for the development of the Shamva Hill open-pit project.
Located about 100 kilometres northwest of Harare, the Shamva project is expected to increase annual production at the mine to nearly 80,000 ounces from the current output of approximately 24,000 ounces.
Construction and development work at Shamva Hill is scheduled to begin in August. Mutapa said negotiations are ongoing with foreign lenders to secure the remaining financing needed for the project.
Additional production growth is expected to come from several other operations, including an expansion at the company’s Jena mine, where development work is expected to start in the final quarter of 2026.
The company also plans to boost output at its Freda Rebecca mine and increase gold deliveries through partnerships with artisanal miners.
Mutapa Gold Resources, which is owned by Zimbabwe’s sovereign wealth fund, plays a central role in the government’s strategy to expand the country’s gold sector.
Zimbabwe is targeting gold production of 50 metric tonnes in 2026, up from the record 46.7 tonnes produced last year.
Gold remains Zimbabwe’s largest source of foreign currency earnings. Export revenues from the precious metal reached $1.19 billion during the first quarter of 2026, compared with $579 million during the same period in 2025.
In total, Zimbabwe earned $4.61 billion from gold exports in 2025, accounting for nearly half of the country’s total export earnings of $9.7 billion.
