Mutapa Gold secures US$75mln for Shamva project

State-owned gold producer Mutapa Gold Resources is set to launch a major new growth phase after securing a US$75 million syndicated financing package for the first stage of its US$152 million Shamva Hill Project.

Construction of the long-anticipated project will begin in August this year, marking one of the country’s most significant mining investments in recent years.

The firm said the initial funding had been arranged through a consortium of four domestic banks, with negotiations continuing with international financiers to close the remaining funding gap required to fully develop the asset.

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