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.
“US$152 million Shamva Hill project to commence in August 2026. US$75 million funding for the first stage secured from syndicate of four local banks and negotiotions are ongoing with external financiers for the balance,” the firm said.
The Shamva project is expected to serve as a flagship asset for Mutapa Gold, significantly boosting production volumes and reinforcing Zimbabwe’s broader ambition to expand mineral exports and hard-currency inflows.
In a further signal of aggressive expansion, Mutapa Gold CEO Patrick Shayawabaya confirmed that Phase One of the Jena Mine expansion project will commence soon.
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"Jena Mine Phase 1 expansion commence in Q4 FY 2026," it said
The dual-track investment programme — combining new mine development at Shamva Hill and expansion of existing assets at Jena — represents a strategic effort by Mutapa Gold to scale output, improve operational resilience, and extend the productive life of its asset base.