Africa-Press – Zimbabwe. The Mutapa Investment Fund (MIF), Zimbabwe’s US$20 billion sovereign wealth fund, has announced a US$250 million fundraising initiative to expand production at its Shamva and Jena gold mines.
The fund is seeking to raise US$150 million for Shamva Gold Mine and an additional US$100 million for Jena Mines, with the capital to be sourced through debt financing from banks and other financial institutions.
Speaking during the Zimbabwe Gold Investment Conference on Tuesday, MIF Deputy Chief Investment Officer Ernest Denhere confirmed the fund has already secured substantial commitments for the raise, which will not involve the sale of any assets.
“We are in the market to try and raise US$150 million for Shamva, and we are also trying to raise US$100 million for Jena,” Denhere said. “This fundraising will be done through debt, whereby we engage banks and other financial institutions.”
The capital injection is expected to significantly boost production. Denhere revealed that Jena Mines alone could ramp up output from 30kg to 100kg of gold per month within a few months of receiving the investment.
Shamva, one of Zimbabwe’s oldest mines, is already showing strong performance, producing 49,000 tonnes of ore per month—a level not seen since 1910. The mine has the capacity to produce between 30kg and 100kg of gold monthly.
According to recent production data, the MIF’s gold cluster—comprising Freda Rebecca, Shamva, and Jena mines—produced a combined 3.6 tonnes of gold. Freda Rebecca was the largest contributor at 68.3%, followed by Shamva at 22.2% and Jena at 9.6%.
Denhere also outlined the fund’s broader strategy to streamline its mining portfolio into distinct clusters for better management. “We are reorganising our portfolio to make it easier to manage our mining interests,” he said. “The idea is to streamline our various mining interests across global markets.”
The Mutapa Investment Fund, which holds controlling stakes in over 66 state-owned and state-invested enterprises, gained full ownership of these mining assets after acquiring the remaining 35% stake in Kuvimba Mining House in February 2024.
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