Mutapa Gold Resources targets 3.6 tonnes of gold output, US$500m revenue in 2026

State-owned Mutapa Gold Resources (MGR) is targeting 3,600 kilogrammes (3.6 tonnes) of gold production in 2026 after posting strong output growth during the first half of the year.

Speaking during Mines and Mining Development Minister Polite Kambamura’s technical visit to Freda Rebecca Gold Mine on Thursday, MGR chief executive Patrick Shayawabaya said the company produced 1,826 kilogrammes of gold in the six months ending June.

He said the mining group’s operations produced 2,354kg in the nine months to December 2025, followed by 901kg in the three months to March and 925kg during the quarter ending June 2026.

According to Shayawabaya, the production places the company firmly on course to achieve its annual target.

“We are very much on course to achieving 3,600kgs for the year to December 2026,” he said.

The company is forecasting annual production of between 3,400kg and 3,600kg of gold, with projected revenue of US$500 million and an expected profit after tax of US$200 million.

“We are forecasting to produce 3,400 kilogrammes of gold.

“Revenue that we expect to generate is about US$500 million and a profit after tax of US$200 million.”

Shayawabaya said the mining portfolio generated a profit after tax of US$70 million during the nine months to December 2025, enabling the company to pay US$35 million in dividends to shareholders.

To sustain production growth, MGR is investing heavily in expansion projects across its mining operations.

Among the flagship investments is the US$162 million Shamva Hill Project, which is scheduled to commence next month.

Once completed, the project will enable Shamva Mine to process its own ore on-site, increasing monthly gold production from the current 65kg to 200kg.

The development is also expected to free up capacity at Freda Rebecca Gold Mine’s processing plant, allowing the operation to increase production from about 204kg per month to 270kg over the next three years.

“Freda, having been freed of the burden of processing Shamva’s ore, will now have extra capacity to process the 600,000 tonnes that Shamva would have ordinarily supplied,” Shayawabaya said.

The company is also planning a US$50 million expansion of the Jena Mine processing plant, a project expected to lift monthly gold output from 40kg to 100kg.

In addition to expanding production capacity, Shayawabaya said MGR intends to intensify mineral exploration across its portfolio, with a particular focus on its 52,000 hectares of mining claims spread across Zimbabwe.

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