The state gold miner has secured $75 million for the Shamva Hill open-pit project as Zimbabwe seeks to boost gold exports, which generated $4.61 billion in 2025
Zimbabwe’s state gold miner, Mutapa Gold Resources, has set an ambitious target to double its gold production by 2029, aiming to lift annual output beyond 400,000 ounces as the country seeks to maximise revenues from its most valuable mineral export.
Currently, Zimbabwe produces about 220,000 ounces of gold annually. Mutapa Gold, the nation’s largest producer, contributed 104,626 ounces in the fiscal year ending March 31, a 10 percent decrease from the previous year largely due to lower ore grades, according to production figures provided to reporters on Friday.
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Gold remains Zimbabwe’s primary foreign exchange earner. Export sales reached $1.19 billion in the first quarter of 2026, a sharp increase from $579 million recorded during the same period last year. In 2025, gold exports generated $4.61 billion, accounting for approximately 47.5 percent of the nation’s $9.7 billion in total export revenue.
The state miner reported securing $75 million from Zimbabwean financial institutions for the Shamva Hill open-pit project, representing half of the total required capital. The initiative is projected to increase the mine’s annual production from approximately 24,000 ounces to over 80,000 ounces. Construction of the Shamva project, situated roughly 100 kilometres northwest of Harare, is scheduled to commence in August.
According to a report by Accra Street Journal, Mutapa is currently engaged in discussions with international investors to secure the remaining financing necessary for the project’s completion. Additional production growth is expected through enhanced output at the Freda Rebecca mine, capacity expansion at the Jena mine, and the integration of material sourced from artisanal mining operations.
Reports in May indicated that the Mutapa Investment Fund, which owns Mutapa Gold Resources, was seeking $250 million to expand its gold mining activities. The fund had already initiated talks with local financial institutions, with the $75 million domestic debt raise planned as the first step toward the larger fundraising objective, according to Ernest Denhere, Mutapa’s deputy chief investment officer.
The company’s management said the additional capital would allow for development throughout its gold portfolio, which includes five mining claims covering around 52,000 hectares in Zimbabwe. The expansion drive comes as Harare seeks to stabilise its economy and reduce dependence on volatile currency markets, with gold serving as a critical source of hard currency.
Source: Accra Street Journal
Last Updated on June 13, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
