Zimbabwe’s gold ambitions get bigger as state fund seeks $250 million

Mutapa Investment Fund, Zimbabwe's state-owned sovereign wealth fund, is looking for $250 million to expand its gold mining activities, signifying a big drive to bolster the country's mining sector and boost output of one of its most important export commodities.

• Mutapa Investment Fund in Zimbabwe is seeking $250 million to expand its gold mining operations to boost the country's key export sector.
• Initial funding of $75 million will be raised domestically, with the remainder targeted from further financial sources.
• The fund aims to increase gold production significantly, projecting a rise from 340 kg in March to 570 kg by 2028, across five mining claims.
• Mutapa recently reorganized its mining assets into specialized units and is also developing a $500 million platinum mine with international partners.

The fund, which owns Mutapa Gold Resources, has already begun discussions with local financial institutions, with an initial $75 million domestic debt raise planned as the first step toward the larger funding goal, according to Ernest Denhere, Muputa’s deputy chief investment officer.

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According to the company’s management, the new funding would enable expansion across its gold portfolio, which comprises five mining claims spanning around 52,000 hectares in Zimbabwe.

The goal is to considerably increase production in the next few years, following a recent drop in output, Bloomberg reports.

“We are currently working on a $75 million local debt syndication as a start,” Denhere told lawmakers in Bindura.

“In the month of March, we achieved a record production of 340 kilograms, and we are projecting to producing 570 kilograms from 2028.”

Gold is one of Zimbabwe's most important foreign exchange streams; the expansion is essential for an economy seeking financial stability and export growth.

Mutapa sells all of its current gold production to Fidelity Gold Refinery, the country's official gold buyer and refiner.

Mutapa reorganized its mining assets, which had previously been housed under Kuvimba Mining House, into specialized units for gold, base metals, energy minerals, platinum, and frontier assets in late 2025.

Two months later, in February 2026, Mutapa Platinum Group revealed that it was actively seeking mining partners to facilitate the development of its $500 million platinum mine.

Mutapa’s platinum mining initiative

Per the group’s CEO, Munashe Shava, Mutapa Platinum selected Darwendale, a town in the country’s Mashonaland West province, located approximately 62 km west of Harare, for its platinum mining operations.

The designated area is estimated to possess approximately 44 million ounces of platinum-group metals.

Subject to the successful maintenance of the established schedule, Mutapa Platinum Group anticipates initiating the project by the conclusion of the year's first quarter.

“We have also done a collaborative approach for the development of the asset, where we are looking at other producers or other miners who are already in the game to try and see how to collaborate with them to fast-track the development,” Shava stated at the time.

During a press conference held in Harare, Shava indicated that while the specific identities of the partners remain confidential, the Mutapa Platinum Group has reached an advanced stage in negotiations, with the necessary financing nearly secured.