By Staff Reporter
Bindura – Parliament’s Public Accounts Committee (PAC) has praised the Mutapa Investment Fund for transforming Mutapa Gold Resources into one of its most valuable assets, citing its growing contribution to gold production, revenue generation, and economic development.
Speaking during a tour of Freda Rebecca Gold Mine, PAC chairperson Caston Matewu said Parliament was impressed by the company’s growth strategy and plans to increase gold output by 2028.
“Gold is very significant in terms of being an economic enabler, and what we want to see as Parliament is growth. We want to see more tonnage and more gold being produced so that it can have a ripple effect on the economy.”
“The roadmap that we have heard from Mutapa is quite impressive, and they are looking to have more output of gold by 2028, and they seem to have a strategy to do so, and we are happy as Parliament with the route they are taking.”
He said the visit had helped lawmakers better understand the role of the investment vehicle in supporting national economic growth.
“At least we are now well informed about what is being done by Mutapa, so when we go back to Parliament and debate, we know how this investment is actually helping these companies,” he said.
“This is an asset to Mutapa. They have a clear strategy on how they want to expand.”
Mutapa Gold Resources produced 2.2 tonnes of gold in 2025, contributing around seven percent of Zimbabwe’s total gold output.
Current monthly production averages 300kg, with a record of 340kg achieved in March this year. The company is targeting a monthly output of 570kg by 2028 through brownfield expansion projects.
Speaking before PAC, the Deputy Chief Investment Officer at Mutapa Investment Fund, Ernest Denhere, said the company requires significant capital to extend the life of its mining operations.
“Mutapa Gold Resources requires about US$250 million for the life of mine expansion, and we are currently working on a local debt syndication of US$75 million as a start,”
He said the group had already allocated more than US$12 million for exploration activities in 2026 as part of efforts to extend the lifespan of its operating assets to at least 10 years.
Denhere also said the company was focusing on beneficiation and value addition to maximise returns from the mining sector.
“Equally important to these initiatives is beneficiation and value addition. Mutapa Gold Resources is committed to moving up the value chain by strengthening local processing, refining, and downstream linkages,” he said.
Financially, the company recorded strong growth over the past two years, with revenue rising from US$138 million in the year ended March 2024 to US$415 million in the year ended March 2026.
Profit before tax increased from US$42 million to US$157 million over the same period, while tax contributions reached US$44 million.
Mining volumes remained stable at about three million tonnes annually, although gold output slightly declined to 3.4 tonnes in the year ending March 2026 from 3.6 tonnes in 2025 due to lower ore grades.
