Zimbabwe’s Mutapa Investment Fund Targets $250 Million Financing to Boost Gold Production
Mutapa Investment Fund is seeking to raise $250 million to expand its gold mining operations as part of a broader strategy to strengthen Zimbabwe’s mining sector and increase output of one of the country’s key export commodities.
The state-owned sovereign wealth fund, which controls Mutapa Gold Resources, has already initiated discussions with local financial institutions.
The first phase of the financing plan involves a $75 million domestic debt syndication, according to deputy chief investment officer Ernest Denhere.
The funding will support expansion across Mutapa’s gold portfolio, which includes five mining claims covering approximately 52,000 hectares across Zimbabwe.
The company aims to significantly increase gold production over the coming years following a recent decline in output.
“We are currently working on a $75 million local debt syndication as a start,” Denhere told lawmakers in Bindura.
“In March, we achieved record production of 340 kilograms, and we are projecting production to reach 570 kilograms by 2028,” he added.
Gold remains one of Zimbabwe’s most important sources of foreign exchange earnings, making the expansion critical to the country’s efforts to improve economic stability and export growth.
Mutapa currently sells all of its gold output to Fidelity Gold Refinery, Zimbabwe’s official gold buyer and refiner.
Mining Portfolio Restructuring
In late 2025, Mutapa restructured its mining assets, which were previously held under Kuvimba Mining House, into specialized business units focused on gold, base metals, energy minerals, platinum, and frontier assets.
The restructuring forms part of the fund’s broader strategy to attract investment partners and accelerate resource development across its mining portfolio.
Platinum Expansion Plans
In February 2026, Mutapa Platinum Group announced plans to seek strategic mining partners for the development of a proposed $500 million platinum mining project.
According to CEO Munashe Shava, the company selected Darwendale, located in Zimbabwe’s Mashonaland West province about 62 kilometres west of Harare, as the site for the platinum operation.
The area is estimated to contain approximately 44 million ounces of platinum-group metals, positioning it among Zimbabwe’s most promising platinum deposits.
Shava said the company is pursuing a collaborative development strategy aimed at partnering with established mining operators to accelerate project implementation.
“We are engaging with experienced mining companies already operating in the sector to explore collaboration opportunities that can help fast-track development,” Shava said during a press conference in Harare.
Although the identities of potential partners have not been disclosed, Shava indicated that negotiations are at an advanced stage and that financing for the project is close to being secured.
If development timelines remain on schedule, Mutapa Platinum Group expects to begin the project by the end of the first quarter next year.
