By a Correspondent
Zimbabwe’s state-owned gold mining company, Mutapa Gold Resources, has secured a US$125 million financing facility as it moves to expand production and strengthen its position as the country’s leading gold producer.
The financing package was led by CBZ Capital with a US$25 million commitment, alongside Ecobank (US$25 million), CABS (US$20 million), NMB Bank (US$15 million), ZB Bank (US$15 million) and FBC Bank (US$10 million).
Commitments amount to US$110 million, with additional participating institutions expected to complete the balance of the syndication.
The funding is expected to support the company’s expansion drive at its key mining operations as Zimbabwe seeks to increase gold output and boost foreign currency earnings from the precious metal.
Mutapa Gold is targeting a significant increase in production over the coming years, with expansion at its Shamva Hill operation expected to be a major contributor to growth. The company has also identified increased capacity at Jena Mine, improved performance at Freda Rebecca Mine and the incorporation of production from artisanal miners as part of its broader strategy.
Shamva Mine manager Engineer Gift Mapakame said the transaction represented more than the financing of a mining venture.
“This is a demonstration of what can be achieved when capital, technical expertise, institutional confidence and a shared vision come together,” Mapakame said at the signing ceremony,
The financing comes at a time when gold remains a critical pillar of Zimbabwe’s economy and the country’s largest source of foreign currency. Gold exports generated US$1.19 billion in the first quarter of 2026, more than double the US$579 million recorded during the same period last year.
Mutapa Gold, which is owned through Zimbabwe’s state investment structures, produced 104,626 ounces in the financial year ended March 31, representing a 10 percent decline from the previous year, mainly because of lower ore grades.
However, the company has set an ambitious target of doubling annual production to 220,000 ounces by 2029 as new projects and expansion programmes come on stream.
The Shamva Hill open-pit project is expected to increase annual production from about 24,000 ounces currently to nearly 80,000 ounces. The company has secured US$75 million from local banks towards the project, with discussions reportedly underway with international lenders for the remaining capital requirements.
The latest financing facility is therefore expected to provide additional momentum to Mutapa Gold’s expansion plans, while supporting Zimbabwe’s efforts to increase mineral production and attract capital into the mining sector.
Zimbabwe is targeting gold production of 50 tonnes in 2026, up from a record 46.7 tonnes achieved in 2025.
The country earned about US$4.61 billion from gold exports in 2025, accounting for nearly half of total exports worth US$9.7 billion, underlining the strategic importance of the sector to the economy.
The expansion of Mutapa Gold’s operations is expected to have wider economic benefits through increased foreign currency generation, employment creation and greater investment in mining infrastructure.
The company’s growth plans also come as Zimbabwe seeks to leverage its mineral resources to accelerate economic growth and reduce reliance on traditional sources of foreign currency.
