Mutapa Investment Fund plans to lift monthly gold output to 570 kilogrammes by 2028, up from current production of about 300kg, as it accelerates mine expansion projects across its portfolio, a senior executive said yesterday.
Mutapa's deputy chief investment officer, Ernest Denhere, said the group recorded an operational milestone this year, producing a record 340kg in March at its gold unit, Mutapa Gold Resource, signalling early gains from ongoing efficiency and development initiatives.
“Through certain mine expansion initiatives, we are projecting to produce 570kg from 2028,” Denhere said during a presentation outlining the company’s medium-term strategy.
He said the growth outlook would be anchored on asset optimisation and increased output from key operations, particularly Freda Rebecca Mine, which contributes about 70% of Mutapa’s total production.
Freda Rebecca, located in the Bindura-Shamva Greenstone Belt, remains one of Zimbabwe’s most established gold mines and a core asset in the country’s gold production chain.
Denhere said the mine produced 2,2 tonnes of gold in 2025, accounting for roughly 7% of Zimbabwe’s national output, underscoring its strategic importance in the state mining portfolio.
He said Mutapa’s expansion programme formed part of a broader push to strengthen Zimbabwe’s mining sector under the National Development Strategy 2, which prioritises mineral production as a driver of export earnings and economic recovery.
“As a nationally strategic asset, gold is central to export revenue growth, foreign currency generation, job creation and industrialisation,” Denhere said.
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Zimbabwe has increasingly relied on gold as a key source of foreign currency inflows amid persistent macroeconomic pressures and limited access to external capital markets.
State-linked miners are expected to play a growing role in stabilising production and boosting export volumes.
Denhere said Mutapa’s five-year strategy focused on building a “resilient, competitive and sustainable” gold business through expanded exploration, improved recovery rates and upgrades to processing infrastructure.
He said capital investment would be directed towards extending mine life across existing assets while unlocking new ore bodies within current concessions.
Industry analysts say achieving the 570kg monthly target will depend on sustained investment, consistent electricity supply and stable global gold prices, which have remained elevated amid geopolitical uncertainty.
Zimbabwe is among Africa’s top gold producers, but output has been constrained in recent years by ageing infrastructure and limited exploration funding.
Denhere said Mutapa’s expansion plan was also expected to strengthen local procurement and support downstream participation by domestic contractors in mining supply chains.
He added that the group was targeting measurable national impact through higher export earnings and increased contribution to industrial development.
The company expects production gains to gradually build towards its 2028 target as new capacity comes online and operational efficiencies are realised.
