Date: June 12, 2026 l By Kimberly White
Zimbabwe’s state-owned gold mining company, Mutapa Gold Resources, has unveiled plans to double its annual gold production by 2029 as it advances a series of expansion projects aimed at strengthening the country’s mining sector and boosting export earnings. The company expects output to rise to approximately 220,000 ounces annually, more than double its current production levels, as new investments and mine developments come online.
Mutapa, Zimbabwe’s largest gold producer, reported output of 104,626 ounces for the financial year ending March 31, 2026, representing a 10 percent decline compared with the previous year. Company documents attributed the decrease primarily to lower ore grades at some of its operations. Despite the setback, management remains optimistic that ongoing expansion projects will significantly increase production capacity over the coming years.
A key component of the company’s growth strategy is the development of the Shamva Hill open-pit project, located approximately 100 kilometers northwest of Harare. Mutapa has secured $75 million in financing from local Zimbabwean banks, covering about half of the project’s funding requirements. Once completed, the mine is expected to increase annual production from around 24,000 ounces to nearly 80,000 ounces. Construction is scheduled to begin in August 2026, while negotiations continue with international lenders to secure the remaining capital needed for the project.
Additional production growth is expected from the expansion of the company’s Jena Mine, where development work is projected to commence in the final quarter of 2026. Mutapa also plans to improve output at its Freda Rebecca Mine and incorporate more material sourced from artisanal miners as part of broader efforts to increase gold recovery and processing volumes.
The expansion plans are central to Zimbabwe’s ambitions to strengthen its position as one of Africa’s leading gold-producing nations. The government has set a target of producing 50 metric tons of gold in 2026, following a record 46.7 metric tons produced in 2025. As a state-owned enterprise controlled by Zimbabwe’s sovereign wealth fund, Mutapa is expected to play a significant role in achieving that objective.
Gold remains Zimbabwe’s largest source of foreign currency earnings. Export sales reached $1.19 billion during the first quarter of 2026, more than double the $579 million recorded during the same period a year earlier. In 2025, gold exports generated approximately $4.61 billion, accounting for nearly half of the country’s total export revenue of $9.7 billion. The sector’s strong performance has reinforced its importance to the national economy amid efforts to attract investment and stabilize growth.
Industry analysts note that rising global gold prices and renewed investor interest in Zimbabwe’s mining sector have created favorable conditions for expansion. Recent investments in exploration and mine development across the country suggest that Zimbabwe could continue increasing production over the coming years, provided operators secure adequate financing and maintain operational efficiency.
With construction projects set to begin and additional funding discussions underway, Mutapa’s expansion program represents one of the most significant developments in Zimbabwe’s gold industry in recent years. If successful, the initiative could substantially increase production, export earnings, and employment opportunities while strengthening the country’s position in the global gold market.