Mutapa Fund Ignites A Golden Revival in Zim’s Mining Sector as MGR revenue hits us$127 mln
Business Reporter
Mutapa Investment Fund (MIF) has played a transformative role in revitalizing Zimbabwe’s gold mining industry, with its focused investments and strategic management through Mutapa Gold Resources evident in the sector’s robust turnaround.
The CEO Dr. John Mangudya led MIF has injected much-needed capital and restructured key mining assets, targeting operations at Freda Rebecca, Shamva Gold Mine, Jena Mines, and Elvington Mine.
By separating Mutapa Gold Resources from Kuvimba Mining House, MIF empowered the unit to pursue operational efficiency and growth as a dedicated gold mining entity.
These interventions quickly translated to impressive financial performance. In the third quarter of fiscal 2026, Mutapa Gold Resources increased its revenue by 39% to US$127 million, while revenue reached US$127 million, and while profit after tax soared to US$45 million for the quarter.
Over the nine months, revenue climbed 63% to US$ 402 million and profit after tax tripled to US$402 million and profit after tax tripled to US156 million. Even with planned downtime affecting ore milled at Freda Rebecca, the focus on quality and tighter grade control improved both ore grades and recovery rates. This enhancement offset volume losses and helped deliver a strong EBITDA margin of 53%.
MIF’s hands-on stewardship has also sustained value for communities and shareholders. Mutapa Gold Resources was able to pay an interim dividend of US$35 million, as its cost control measures maintained steady operating expenses even amid rising capital demands. Safety standards advanced as well, with lost-time injuries lowering, and management reaffirming its commitment to “Zero Harm.”
The fund is further catalyzing industry expansion through ambitious new projects, most notably the Shamva Hill Project, which aims to boost annual output from 25,000 to 80,000 ounces by 2028.
This project, supported by a syndicated loan from eleven local banks now totaling US$160 million, is on track to strengthen Zimbabwe’s gold production capacity significantly. Additional expansion at Jena Mines and intensified exploration—having completed 88,000 metres of drilling by September—promise further resource growth and upgrades by early 2027.
MIF’s strategic investment, expert management, and commitment to responsible mining have rapidly strengthened Zimbabwe’s gold sector. By nurturing its assets and advancing major developments, the fund is securing strong financial returns while laying the foundation for sustainable long-term growth in the nation’s mining industry.
