HARARE, May 11 – Zimbabwe’s state-owned sovereign wealth fund, Mutapa Investment Fund is seeking $250 million to expand its gold mining operations across Zimbabwe, according to senior fund officials.
Ernest Denhere, the fund’s deputy chief investment officer, said discussions with local lenders are already underway as part of efforts to secure financing for expansion projects under its subsidiary, Mutapa Gold Resources.
“We are currently working on a $75 million local debt syndication as a start,” Denhere told lawmakers in Bindura.
The sovereign wealth fund said it recorded monthly gold production of 340 kilograms in March and is targeting output of 570 kilograms by 2028 as operations scale up.
Mutapa produced 3.6 tons of gold last year, though output has declined to 3.3 tons so far this year. All production is sold to Fidelity Gold Refinery, the country’s state-owned gold buyer and refiner.
Denhere did not disclose the financial institutions involved in the capital-raising process.
Mutapa Gold Resources currently controls five mining claims across Zimbabwe, covering approximately 52,000 hectares.
The expansion effort follows a broader restructuring undertaken by the sovereign wealth fund in December, when it reorganized mining assets under Kuvimba Mining House to improve operational efficiency and streamline oversight.
The restructuring created separate mining divisions including Mutapa Gold Resources, Mutapa Base Metals, Mutapa Energy Minerals, Mutapa Platinum Group and Mutapa Frontier.
Zimbabwe has increasingly relied on gold exports as a major source of foreign exchange amid ongoing efforts to stabilize the economy and strengthen mineral production.
