CEO Maseva-Shayawabaya Says Payout Is ‘First of Many’ as Miner Targets 570kg Monthly Output
Mutapa Gold Resources Ltd., the gold mining vehicle restructured under Zimbabwe’s sovereign wealth fund, has declared a US$35 million dividend, its first since inception in January, with the bulk of the payout flowing to its parent, Mutapa Investment Fund, Mining Zimbabwe can report.
By Rudairo Mapuranga
The dividend, representing half of the US$70 million after-tax profit recorded for the nine months to December 2025, was paid last week following board approval. The company changed its financial year-end to December to align with the sovereign fund.
“Shareholders invest money to make money,” Chief Executive Officer Patrick Maseva-Shayawabaya told shareholders at the company’s inaugural briefing. “Delivery is ultimately about return on investment. We are delighted that this is the first of many dividends.”
The US$35 million payout was distributed according to shareholding:
• Mutapa Investment Fund – US$22,050,000
• CBZ Bank – US$4,375,000
• National Venture Capital Company of Zimbabwe – US$2,625,000
• Public Service Pension Fund – US$2,450,000
• Insurance and Pension Commission – US$1,750,000
• Deposit Protection Corporation – US$1,750,000
The dividend comes despite operational headwinds. For the 12 months to March 2026, Mutapa produced 3,266 kilograms (104,626 ounces) of gold from its three operating mines—Freda Rebecca, Shamva, and Jena—down from 3,600 kilograms a year earlier due to lower grades at Freda and Shamva.
Revenue for the nine months to December reached US$271 million, with a gross margin of 60%. For the quarter ended March 2026, revenue was US$144 million, although the margin narrowed to 34%.
Expansion Push
The company is now betting on a US$152 million project at Shamva Hill to develop a new open-pit mine and processing plant, lifting Shamva’s output from 66 kilograms to 200 kilograms per month. Local banks have pledged up to US$90 million.
At Jena, described by Maseva-Shayawabaya as a “rough diamond”, output has risen from 30 to 40 kilograms per month following a US$2 million intervention. Management sees a path to 100 kilograms per month.
Freda Rebecca, currently producing 200 kilograms per month, has only four years of remaining mine life, below the company’s 10-year threshold. Extensive drilling—46,000 metres completed in the past year, with 81,000 metres planned—is aimed at extending reserves.
Once Shamva stops trucking ore to Freda’s plant, the freed-up capacity could lift Freda’s production to 270 kilograms per month, the CEO said.
For the 2026 calendar year, Mutapa forecasts production of 3,400 kilograms (110,000 ounces). At current gold prices of around US$4,100 per ounce, revenue would be approximately US$500 million, with profit before tax of about US$200 million.
“If we hit 570 kilograms per month within three years, today’s US$35 million dividend will pale in significance compared to what we pay in 2028,” Maseva-Shayawabaya said.
