Zimbabwe’s state-owned gold producer, Mutapa Gold Resources, plans to double annual output to 220,000 ounces by 2029 as it accelerates a series of expansion projects across its mining operations. The company has secured $75 million from local banks—half the funding needed for its Shamva Hill open-pit project, which is expected to boost production at the mine to nearly 80,000 ounces annually from about 24,000 ounces. Construction is scheduled to begin in August, while discussions continue with foreign lenders for the remaining capital. Additional growth will come from planned upgrades at the Jena and Freda Rebecca mines, as well as increased integration of material from artisanal miners. The expansion supports Zimbabwe’s broader goal of raising national gold production beyond last year’s record levels. The metal remains Zimbabwe’s largest source of foreign exchange earnings, generating $4.61 billion in export revenue in 2025 alone.
CNBC Africa
