Zimbabwe's Largest Gold Producer Is Aiming for a Dramatic Surge From $4.61 Billion
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Zimbabwe's state gold miner, Mutapa Gold Resources, has set the ambitious target of doubling its gold production by 2029. Mutapa Gold Resources, Zimbabwe's largest state gold miner, aims to double its gold production to over 400,000 ounces annually by 2029.
Currently, Zimbabwe produces about 220,000 ounces of gold, with Mutapa Gold Resources contributing 104,626 ounces in the last fiscal year, a 10% year-over-year decrease. Gold is Zimbabwe's key foreign exchange earner, generating $4.61 billion in export revenue in 2025, almost half of the nation's total exports.
The company secured $75 million in funding for the Shamva Hill open-pit project, which is expected to boost annual production to over 80,000 ounces, with construction starting in August. By current estimates, this denotes that the Southern African country would be producing more than 400,000 ounces of gold annually, given its current output of 220,000 ounces.
The state gold miner made its intentions public after production figures provided to reporters on Friday indicated that the country had received funds for an expansion project. According to reports, the state gold miner, which stands as the largest gold producer in the nation, produced 104,626 ounces in the fiscal year ending March 31.
This represents a 10% decrease from the previous year, mostly resulting from lower grades. Gold remains the primary source of foreign exchange earnings for Zimbabwe, with export sales reaching $1.19 billion in the first quarter of 2026, a significant increase from the $579 million recorded during the corresponding period in the previous year.
In 2025, gold exports generated $4.61 billion, accounting for approximately 47.5% of the nation's $9.7 billion in total export revenue. The organization reported securing $75 million from Zimbabwean financial institutions for the Shamva Hill open-pit project, representing half of the total required capital.
This initiative is projected to increase the mine's annual production from approximately 24,000 ounces to over 80,000 ounces. Construction of the Shamva project, situated roughly 100 kilometers northwest of Harare, is scheduled to commence in August.
Furthermore, Mutapa is currently engaged in discussions with international investors to secure the remaining financing necessary for the project's completion. Supplemental production growth is expected through enhanced output at the Freda Rebecca mine, capacity expansion at the Jena mine, with construction slated for the final quarter of 2026, and the integration of material sourced from artisanal mining operations.
According to the company's management, the additional capital would allow for development throughout its gold portfolio, which includes five mining claims covering around 52,000 hectares in Zimbabwe.
