Africa-Press. The state-owned company Mutapa Gold Resources in Zimbabwe intends to double its annual gold production to 220,000 ounces by 2029, following the securing of funding for a new expansion project, according to production reports made available to journalists on Friday.
Mutapa is the largest gold producer in the country, with production reaching 104,626 ounces during the fiscal year ending March 31, according to documents, representing a 10% decline compared to the previous year, primarily due to a decrease in the quality of the extracted ore.
The company stated that it has secured $75 million in funding from local banks, covering half of the financing needs for the Shamva Hill open-pit mining project, which is expected to increase the mine’s output to about 80,000 ounces annually, compared to approximately 24,000 ounces currently.
Work on the project, located about 100 kilometers northwest of the capital Harare, is scheduled to begin in August, while the company is negotiating with foreign financing institutions to secure the remaining capital needs for the project.
The remaining increase in production will come from expanding the production capacity of the Gina mine, with work expected to commence in the fourth quarter of 2026, alongside improving output at the Frieda Rebecca mine and integrating raw materials extracted by artisanal miners into the company’s operations.
Mutapa, owned by the country’s sovereign wealth fund, plays a pivotal role in the nation’s plans to increase gold production. The government aims to produce 50 metric tons of gold this year, compared to the record of 46.7 tons achieved last year.
Gold is the primary source of foreign currency in Zimbabwe, with exports valued at $1.19 billion during the first quarter of 2026, compared to $579 million during the same period the previous year.
The country also generated $4.61 billion in gold export revenues in 2025, accounting for nearly half of the country’s total exports of $9.7 billion.
