Zimbabwe’s state-owned Mutapa Gold Resources has secured a US$125 million syndicated financing facility from a consortium of local banks to expand operations at key mines, a move expected to nearly double the company’s monthly gold output by the end of 2026 and bolster national gold reserves that underpin the country’s gold-backed currency.
The funding package, one of the largest arranged exclusively by local banks for a mining project, exceeds the company’s initial target of US$75 million. It is led by CBZ Capital (US$25 million), with participation from Ecobank (US$25 million), CABS (US$20 million), NMB Bank (US$15 million), ZB Bank (US$15 million) and FBC Bank (US$10 million). Additional institutions are expected to complete the syndication. The capital will primarily support expansion at the Shamva Hill open-pit project and Jena Mine, while the company continues to explore offshore financing options.
Mutapa Gold Resources produced 1,826 kilograms of gold in the first half of 2026 (921 kg in the first quarter and 925 kg in the second), placing it firmly on course to meet its full-year target of approximately 3,400 kilograms. The company currently produces 300–310 kg per month and aims to raise that figure to 570–600 kg by year-end through capacity upgrades across its assets.
Under the expansion plans:
▪️Shamva Mine’s monthly output is projected to rise from about 66 kg to 200 kg.
▪️Freda Rebecca is expected to increase from roughly 204 kg to 270 kg per month.
▪️Jena Mine is set to lift production from around 40 kg toward 60–100 kg monthly as phased investments proceed.
Longer-term targets point to further growth by 2029, with the company positioning itself as Zimbabwe’s largest gold producer and a significant contributor to national output and foreign-currency earnings.
Government Statement
“Mutapa has restructured into smaller business units for efficiency and increased productivity. The organisation is currently on an expansion drive to increase gold production from the current 300 to 310 kilogrammes per month to between 570 and 600 kilogrammes by the end of this year. The company has already secured funding for the expansion of its operations.
“We are very excited as Government, especially seeing that the company is aligning with the Second Republic’s call for increased production and ramping up output. I would like to urge other mining operations to follow suit because every gramme and every kilogramme of gold produced contributes towards improving our national gold reserves.
“We are not only interested in getting the gold, but life is greater. Where standards are not being followed, we are closing those operations until they comply with environmental and safety requirements.”
— Dr Polite Kambamura, Minister of Mines and Mining Development
The minister made the remarks after touring the Freda Rebecca gold mine. He emphasised that the expansion supports the government’s broader objective of increasing mineral production and strengthening the gold reserves that back Zimbabwe’s currency.
Beyond the immediate production push, the government is advancing complementary reforms. Preparations are underway for a nationwide airborne geophysical survey to accurately map the country’s mineral resources and reserves, which is expected to guide strategic development and attract further investment. The revised Mines and Minerals Bill, currently before Parliament, is anticipated to be enacted before the end of the year, providing an updated legal framework for the sector.
Mutapa Gold Resources CEO Patrick Maseva-Shayawabaya described the strong local-bank response as exceeding expectations and said the facility would allow work to begin promptly at Shamva and Jena while offshore options continue to be pursued. The Shamva Hill project alone is expected to deliver a substantial increase in output once operational, alongside socio-economic benefits including infrastructure improvements and job creation.
The financing and expansion programme mark a significant milestone for both Zimbabwe’s mining industry and its domestic banking sector, demonstrating growing capacity to fund large-scale resource projects aligned with national development goals.
