By current estimates, this denotes that the Southern African country would be producing more than 400,000 ounces of gold annually, given its current output of 220,000 ounces.
The state gold miner made its intentions public after production figures provided to reporters on Friday indicated that the country had received funds for an expansion project.
According to reports, the state gold miner, which stands as the largest gold producer in the nation, produced 104,626 ounces in the fiscal year ending March 31.
This represents a 10% decrease from the previous year, mostly resulting from lower grades.
Gold remains the primary source of foreign exchange earnings for Zimbabwe, with export sales reaching $1.19 billion in the first quarter of 2026, a significant increase from the $579 million recorded during the corresponding period in the previous year.
In 2025, gold exports generated $4.61 billion, accounting for approximately 47.5% of the nation’s $9.7 billion in total export revenue.
The organization reported securing $75 million from Zimbabwean financial institutions for the Shamva Hill open-pit project, representing half of the total required capital.
This initiative is projected to increase the mine’s annual production from approximately 24,000 ounces to over 80,000 ounces.
Construction of the Shamva project, situated roughly 100 kilometers northwest of Harare, is scheduled to commence in August.
Furthermore, Mutapa is currently engaged in discussions with international investors to secure the remaining financing necessary for the project’s completion.
Supplemental production growth is expected through enhanced output at the Freda Rebecca mine, capacity expansion at the Jena mine, with construction slated for the final quarter of 2026, and the integration of material sourced from artisanal mining operations.
Reports in May showed that the Mutapa Investment Fund was looking for $250 million to expand its gold mining activities.
The fund, which owns Mutapa Gold Resources, at the time had already initiated talks with local financial institutions, with a $75 million domestic debt raise planned as the first step toward the bigger fundraising objective, according to Ernest Denhere, Muputa’s deputy chief investment officer.