MUTAPA Investment Fund last week appointed seasoned mining executive Patrick Maseva-Shayawabaya (PM, pictured) to steer its gold unit at a pivotal moment for both the company and Zimbabwe’s bullion sector. His appointment as chief executive officer of Mutapa Gold Resources — following the resignation of Trevor Barnard — comes as the state-owned entity seeks to lift production, extend mine life and tighten operational discipline amid volatile grades, power constraints and heightened scrutiny over governance. In this interview with our senior reporter Freeman Makopa (FM), Maseva-Shayawabaya outlines an ambitious but high-stakes agenda anchored on scaling output from existing assets, fast-tracking the Shamva Hill project and reinforcing traceability systems to curb leakages. With production targets set at 3 600 kilogrammes annually in the short term and a longer-term goal of ramping up monthly output to 450 kilogrammes, the new CEO signals a results-driven approach in an industry where execution risks remain high. He also speaks to the realities shaping Zimbabwe’s gold sector — from unpredictable ore grades to energy insecurity — and how the company plans to navigate them, including potential investments in solar power to stabilise operations. Against a backdrop of growing expectations for transparency and commercial discipline within state-linked enterprises, Maseva-Shayawabaya’s tenure will be closely watched as a test of Mutapa’s ability to convert strategy into sustained production growth. Below are excerpts from the interview:
FM: What are your top priorities as you enter office?
PM: My priorities are really no different from what we had when Trevor Barnard was still the chief executive officer. This is because there are overriding issues that concern the type of gold resources. At this point in time, there are two principal areas: The first one is the life of mine for Freda Rebecca and Jena mines.
To this end, we have ongoing exploration programmes that will probably continue for the foreseeable future to increase the life of the two mines. Then at Shamva, we have an opportunity to start implementing what we term the Shamva Hill project. It involves mining development and establishment of a processing plant at Shamva, which will make Shamva Mine the same size as Freda Rebecca Gold Mine.
So, once we finish that project, we will have two mines in Mashonaland Central, within 30 kilometres of each other, each producing 200 kilogrammes of gold a month. It is our overriding project at this point in time. It takes us to a different level in terms of size.
FM: What is your first measurable performance target for Mutapa Gold Resources within the next 12 months or so?
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PM: Well, measurable targets hardly change. We produce 300, plus or minus 300 kilogrammes of gold a month. Our target for the next 12 months is to achieve 3 600 kilogrammes of gold. There are challenges in achieving that due to unpredictable grade, as it was when we started in April last year. We had low grades at both Shamva and Freda. But that is our target from a production angle.
Obviously, in terms of employment, we currently employ just under 3 900 people, split between ourselves and our subcontractors. So in this same 12-month period this year, that’s when we are going to start the Shamva Hill project. If Mutapa Gold cannot produce the gold it has produced in the past or is capable of producing, or if it cannot achieve profitability levels commensurate with the prevailing gold price, I will not have a job. I have got to deliver on all those fronts.
FM: Are there any plans you are pursuing for acquisition in the mining sector?
PM: Not at Mutapa Gold Resources level, but I am sure at Mutapa Investment Fund (the parent company) level they are always considering such opportunities if and when they arise.
FM: There seems to be a lot of talk concerning leakages and illicit trade. What systems or tracking mechanisms have you put in place?
PM: Last year we implemented the system that we installed at Freda, which we also have at Jena, ensuring full traceability of the gold coming out of our operations. That system still remains in place. Whoever gets our gold will be able to tell that this gold came from the Freda plant or the Jena mines plant.
FM: In the next five or so years, what's your target in terms of export earnings?
PM: Export earnings depend on the gold price, because the gold price could collapse tomorrow.
So we want to keep our targets in terms of ounces or kgs of gold. I said we currently produce around 3 600kgs a year, or about 300kgs a month. We are looking to be at around 450kgs of gold a month within the next three years. That’s the target we have set for ourselves.
FM: How do you plan to mitigate operational risks such as electricity shortages?
PM: In terms of electricity, we have been in discussions, and those discussions continue to this day, with potential partners for establishing solar farms to supply power, particularly to Freda and Shamva. We are hoping that by the end of this year, we will have made progress towards having a solar project that will feed at least 25 megawatts into the system, which will then be supplied to us.