HARARE – Zimbabwe’s State-owned gold mining firm Mutapa Gold Sources plans to double its annual output to 220 000 oz by 2029 after securing funding for an enlargement venture, in accordance with manufacturing experiences made obtainable to reporters on Friday.
Mutapa, the nation’s greatest 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 on account of decrease grades.
The corporate stated it had secured $75-million from Zimbabwean banks, half the funding necessities for its Shamva Hill open pit venture, which can elevate the mine’s output to just about 80 000 oz yearly from about 24 000 oz presently.
Work on the Shamva venture, about 100 km (62.14 miles) north-west of Harare, will start in August, and Mutapa is negotiating with overseas lenders for the steadiness of the venture’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 anticipated 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 essential to the nation’s ambitions to lift gold output. The nation is concentrating on 50 metric tons of manufacturing this 12 months from final 12 months’s document 46.7 tons.
Gold is Zimbabwe’s prime overseas foreign money earner, with export gross sales reaching $1.19-billion within the first quarter of 2026, in opposition to $579-million throughout the identical interval final 12 months.
Zimbabwe earned $4.61-billion from gold exports in 2025, practically half of the nation’s complete exports of $9.7-billion.
