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

Mutapa is Zimbabwe's largest gold producer, with gold output of 104,626 ounces in the 2025/26 fiscal year ending March 31, down 10% from the previous fiscal year due to declining ore grades.

The company has secured $75 million in funding from Zimbabwean banks, half of which will be used for the Shamva Hill open-pit mine project, which could increase its annual output from nearly 24,000 ounces to 80,000 ounces.

The Shamva Hill open-pit gold mine, located approximately 100 kilometers northwest of Harare, is scheduled to begin construction in August. Mutapa is in talks with foreign lenders to secure the remaining funds for the project.

The remaining additional output will come from the Jena gold mine expansion project (scheduled to start in the fourth quarter of 2026), the Freda Rebecca gold mine, and artisanal mining feedstocks.

Mutapa, owned by Zimbabwe's sovereign wealth fund, is crucial to the country's efforts to increase gold production. The country aims to raise this year's gold output to 50 tons, up from 46.7 tons last year.

Gold is Zimbabwe's largest source of foreign exchange earnings, with export sales reaching $1.19 billion in the first quarter of 2026, compared to $579 million in the same period last year.

Zimbabwe's gold exports totaled $4.61 billion in 2025, accounting for nearly half of the country's total export value of $9.7 billion.

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