Zimbabwe sovereign wealth fund seeks $250M to boost gold output

Zimbabwe’s state-owned sovereign wealth fund, Mutapa Investment Fund, needs $250 million to expand its gold mining operations across the country.

Ernest Denhere, deputy chief investment officer, said negotiations with local lenders have already begun. The fund owns Mutapa Gold Resources.

“We are currently working on a $75 million local debt syndication as a start,” he told lawmakers in Bindura. “In the month of March, we achieved a record production of 340 kilograms and we are projecting to producing 570 kilograms from 2028.”

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Last year, Mutapa produced 3.6 tons of gold; output has slipped to 3.3 tons this year, all of which is sold to the state refiner, Fidelity Gold Refinery.

Denhere didn’t disclose the names of the entities engaged for the capital-raising initiative. Mutapa Gold Resources holds five claims across the country, covering about 52,000 hectares.

In December, Mutapa Investment Fund restructured its mining entity, Kuvimba Mining House, in a bid to improve efficiency. The clusters are: Mutapa Gold Resources, Mutapa Base Metals, Mutapa Energy Minerals, Mutapa Platinum Group and Mutapa Frontier.

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