Mutapa Gold Plans 220,000-Ounce Output by 2029 as $75 Million Funds Mine Expansions
Updated
Updated · Miningmx · Jun 12
Mutapa Gold Plans 220,000-Ounce Output by 2029 as $75 Million Funds Mine Expansions
3 articles · Updated · Miningmx · Jun 12
Summary
220,000 ounces a year is Mutapa Gold Resources’ 2029 target, more than double its 104,626-ounce output in the year to March 2025.
$75 million from Zimbabwean banks covers half the funding for the Shamva Hill open-pit project, where work starts in August and output is expected to rise from about 24,000 ounces to nearly 80,000.
Jena mine expansion is due to begin in the fourth quarter of 2026, with further gains expected from improved performance at Freda Rebecca and added output from artisanal miners.
Zimbabwe is targeting 50 tons of gold production this year after a record 46.7 tons in 2025, as gold export revenue jumped to $1.19 billion in the first quarter from $579 million a year earlier.
With its output recently falling 10%, can Zimbabwe's state miner truly double its gold production to 400,000 ounces by 2029?
As Zimbabwe's gold ambitions soar, how will it stop smugglers from siphoning off billions in revenue needed for this expansion?
Zimbabwe’s Mutapa Gold Expansion: $75 Million Secured, $175 Million Gap Remains in Bid to Double Output by 2029
Overview
Mutapa Gold Resources has secured $75 million in local financing, covering about half of the capital needed for its Shamva Hill expansion. Construction is set to begin in August 2026, marking a major milestone and signaling a new phase of growth for the company. This project is a key part of Mutapa Gold’s broader strategy, which includes expanding existing assets at Jena. Together, these efforts aim to boost operational capacity and support long-term development, positioning Mutapa Gold for greater resilience and a stronger role in Zimbabwe’s gold sector.