The Mutapa Investment Fund (MIF) has been urged to prioritise value addition on surging gold output.
This follows revelations that MIF delivered 2.4 tonnes of gold to Fidelity between January and September, according to an official speaking at the Zimbabwe Gold Investment Conference held this week.
Economic analyst Masimba Kuchera said the growing output underscored the need for beneficiation and job creation.
“The key solution is job creation and value addition to most materials currently exported as raw products,” Kuchera said.
“Zimbabwe should focus on adding value to its raw materials, like gold, to boost the economy. It can help revitalise industries—especially in Bulawayo—and create employment opportunities. Modern technology can drive beneficiation, leading to economic growth and improved living standards.”
Kuchera also noted that rising gold output could help finance critical infrastructure.
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“Gold output, among other minerals, can set a strong pace for infrastructure development,” he said.
Another economic analyst welcomed MIF’s transparency on gold statistics but questioned how the figures translate to improved living standards.
“It’s important that the Mutapa Investment Fund gives information without bias, especially on gold output,” the analyst said.
“What is key is how this output translates into economic development for the general populace. We appreciate MIF’s role and its thrust on gold output, but our biggest question is how it is impacting the day-to-day lives of ordinary citizens.”
“If government is serious about transforming economic value, it must prioritise improving the livelihoods of Zimbabweans,” the analyst added.
MIF deputy chief investment officer Ernest Denhere attributed the strong performance to investee companies within the mining cluster.
“The Fund has a strong presence in the gold space through Kuvimba Mining House (KMH) and Defold Mine, delivering 29% of large-scale miners’ gold to Fidelity between January and September—2.4 tonnes,” Denhere said.
“The Fund recognises that gold presents a unique opportunity for value creation and growth in export receipts.”
He added that precious metals, especially gold, had strengthened in 2025 as investors sought safe-haven assets amid geopolitical and economic uncertainty.
“Gold has gained 56% year-to-date, while Zimbabwe’s gold exports have grown by 71% for the nine months to September 2025,” he said.
Gold exports stood at US$3.2 billion by September, with artisanal and small-scale miners contributing 74% of total output. Denhere also revealed that MIF has a funding pipeline of at least US$500 million across several gold projects.
“We are open to exploring various strategies to support the sector and strengthen the gold value chain,” Denhere said. “MIF is a long-term, non-speculative investor committed to providing patient capital. The Fund’s strategy also includes establishing an exploration fund. With gold as a safe-haven asset with long-term upside, there is strong potential for new discoveries.”