en.Wedoany.com Reported - Zimbabwe's state-owned gold mining company, Mutapa Gold Resources, plans to double its annual output to 220,000 ounces by 2029, having secured funding for an expansion project.

Mutapa is the country's largest gold producer. According to production reports, its output for the fiscal year ending March 31 was 104,626 ounces, down 10% year-on-year, primarily due to lower grades.

The company has secured $75 million from a Zimbabwean bank for its Shamva Hill open-pit mine project. This funding, which covers half of the project's required capital, will increase the mine's annual output from approximately 24,000 ounces to nearly 80,000 ounces.

The Shamva project, located about 100 kilometers (62.14 miles) northwest of Harare, is scheduled to commence in August. Mutapa is in negotiations with foreign lenders for the remaining funding needs of the project.

The additional output will come from capacity expansion at the Jena mine (expected to start in the fourth quarter of 2026), increased production at the Freda Rebecca mine, and the inclusion of feedstock from artisanal miners.

Owned by Zimbabwe's sovereign wealth fund, Mutapa is key to the country's ambitions to boost gold production. Zimbabwe aims to produce 50 metric tons of gold this year, compared to a record 46.7 tons last year.

Gold is Zimbabwe's largest source of foreign exchange earnings. In the first quarter of 2026, gold export sales reached $1.19 billion, up from $579 million in the same period last year. In 2025, Zimbabwe's gold export revenue was $4.61 billion, nearly half of the country's total export value of $9.7 billion.

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