Zimbabwe Secures $125 Million to Boost Gold Output: State Media
Zimbabwe Secures $125 Million to Boost Gold Output: State Media
Mutapa Gold Resources aims to increase gold production from 300–310 kg per month to 570–600 kg by the end of the year, Mines Minister Polite Kambamura said.
The company produced 1,826 kg of gold in the first half of the year, positioning it to hit the annual target of 3,400 kg, Mutapa CEO Patrick Maseva-Shayawabaya said.
The funding includes $125 million from a local bank syndicate for expansion projects at Shamva and Jena mines, while additional offshore financing options are also being explored.
The expansion aligns with the government's goal of increasing mineral production and strengthening national gold reserves, which underpin Zimbabwe's gold-backed currency.
A nationwide airborne geophysical survey to map mineral resources is also being prepared, while the revised Mines and Minerals Bill is expected to be enacted before the end of the year, Kambamura said.
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