Zimbabwe's State gold miner plans to double output by 2029 as expansion projects take off
HARARE – Zimbabwe's State-owned gold mining company Mutapa Gold Resources plans to double its annual output to 220 000 oz by 2029 after securing funding for an expansion project, according to production reports made available to reporters on Friday.
Mutapa, the country's biggest gold producer, had output of 104 626 oz in the financial year to March 31, according to the documents, a 10% decline from the year before mainly due to lower grades.
The company said it had secured $75-million from Zimbabwean banks, half the funding requirements for its Shamva Hill open pit project, which will raise the mine's output to nearly 80 000 oz annually from about 24 000 oz currently.
Work on the Shamva project, about 100 km (62.14 miles) north-west of Harare, will begin in August, and Mutapa is negotiating with foreign lenders for the balance of the project's capital requirements, it added.
The rest of the additional production will come from a capacity expansion at the company's Jena mine, where work is expected to start in the final quarter of 2026, improved output at its Freda Rebecca mine, and moves to incorporate material from artisanal miners.
Mutapa, owned by Zimbabwe's sovereign wealth fund, is key to the country's ambitions to raise gold output. The country is targeting 50 metric tons of production this year from last year's record 46.7 tons.
Gold is Zimbabwe's top foreign currency earner, with export sales reaching $1.19-billion in the first quarter of 2026, against $579-million during the same period last year.
Zimbabwe earned $4.61-billion from gold exports in 2025, nearly half of the country's total exports of $9.7-billion.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Projects
Latest Multimedia
Latest News
Showroom
AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa
VISIT SHOWROOM
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
