Mutapa Investment Fund, Zimbabwe’s state-owned sovereign wealth fund, is seeking to raise $250 million to grow its gold mining operations, marking a major effort to strengthen the country’s mining industry and increase production of one of its key export resources.
The fund, which controls Mutapa Gold Resources, has started talks with local banks and financial institutions, with plans to first secure $75 million through a domestic debt syndication, according to the fund’s deputy chief investment officer, Ernest Denhere.
Company officials explained that the capital injection would support expansion across its gold assets, which include five mining claims covering nearly 52,000 hectares in Zimbabwe.
The expansion strategy aims to significantly lift production levels over the coming years after output recently declined, Bloomberg reported.
Denhere told lawmakers in Bindura that the fund was already working on the initial $75 million local financing arrangement.
He added that the company achieved a record production level of 340 kilograms in March and expects output to rise to 570 kilograms by 2028.
Gold remains one of Zimbabwe’s major sources of foreign currency earnings, making the expansion important for the country’s efforts to improve economic stability and increase exports.
At present, all gold produced by Mutapa is sold to Fidelity Gold Refinery, Zimbabwe’s official gold purchaser and refiner.
In late 2025, Mutapa restructured mining assets that were previously under Kuvimba Mining House into separate divisions focused on gold, platinum, base metals, energy minerals and frontier assets.
By February 2026, Mutapa Platinum Group announced that it was searching for strategic mining partners to help develop its planned $500 million platinum mine.
Mutapa’s platinum project plans
According to the company’s chief executive officer, Munashe Shava, the group selected Darwendale in Mashonaland West Province, roughly 62 kilometres west of Harare, as the location for its platinum operations.
The area is believed to contain nearly 44 million ounces of platinum-group metals.
Mutapa Platinum Group expects work on the project to begin before the end of the first quarter of the year if timelines remain on track.
Shava explained earlier that the company had adopted a collaborative development strategy by engaging established mining firms and producers to accelerate the project’s progress.
Speaking during a press briefing in Harare, he noted that although the identities of the potential partners were not being disclosed publicly, negotiations had reached an advanced stage and financing arrangements were close to completion.