Business Reporter
Zimbabwe’s sovereign wealth fund, the Mutapa Investment Fund (MIF), has received a US$22.5 million dividend from its mining subsidiary, Mutapa Gold Resources (MGR), reflecting strong profitability and cash generation within the group.
Speaking during a recent trading update, MGR chief executive officer Patrick Maseva Shayawabaya said the dividend formed part of a total US$35 million declared for the nine months ended 31 December 2025.
“This dividend relates to the nine months to December 2025, during which we recorded a profit after tax of US$70 million. Cash generation was very strong during the period. Production was solid, gold prices remained favourable and costs were well controlled,” Shayawabaya said.
Other shareholders also received dividend payments, including Datvest (US$4.37 million), the National Venture Capital Company of Zimbabwe (US$2.63 million), and the Public Service Commission Pension Fund (US$2.45 million). The Insurance and Pensions Commission (IPEC) and the Deposit Protection Corporation each received US$1.75 million.
MGR said its performance during the period was supported by firm international gold prices, improved operational efficiencies and benefits arising from a restructuring programme undertaken by the mining group.
The company is currently implementing a US$152 million expansion programme aimed at significantly increasing gold production over the coming years.
MGR remains a key contributor to Zimbabwe’s gold sector. Between January and September 2025, the company accounted for 29% of gold deliveries by large-scale miners to Fidelity Gold Refinery, contributing 2.4 tonnes.
The Mutapa Investment Fund was established to manage and grow Zimbabwe’s strategic public assets and state-owned enterprises. Originally created as the Sovereign Wealth Fund of Zimbabwe in 2014, it was restructured and renamed in September 2023 as part of efforts to centralise oversight of key state investments and support long-term economic growth.
