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Fidelity Gold Refinery (FGR) Adopts Live Global Pricing

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Fidelity Gold Refinery (FGR) Adopts Live Global Pricing

In a significant move set to enhance competitiveness and transparency, Fidelity Gold Refinery (FGR) has announced an immediate shift to live market spot prices for all its gold purchases and settlements, Mining Zimbabwe can report.

By Rudairo Mapuranga

A key update to this new pricing structure is the method for setting the daily fixed price. Previously benchmarked against the previous day’s closing price, FGR will now set its daily fixed price using a live morning benchmark. This crucial change ensures the starting point for the day’s trading is more responsive to real-time overnight global market movements, giving producers a fairer and more current valuation from the market’s opening.

The change is designed to ensure that Zimbabwean gold producers, from large-scale operations to artisanal miners, receive the most current value for their deliveries, directly aligned with volatile international markets.

The announcement comes at a pivotal moment in the global precious metals landscape.

Gold prices have quadrupled in the past decade, recently hitting an all-time high near $5,600 per ounce in January 2026 before experiencing significant volatility. This environment underscores the critical importance of a responsive and transparent pricing mechanism for producers.

In its press release, FGR stated the update is part of its “ongoing commitment to providing the most competitive and transparent gold trading in Zimbabwe.” By transitioning its primary pricing reference to live spot prices, the refinery ensures its partners benefit from real-time market movements.

“This shift ensures that our valued partners… receive the most current value for gold deliveries. Our pricing remains accessible and verifiable, aligned with international trading standards,” FGR noted.

This modernized approach is crucial because, as financial experts explain, the gold spot price—the current market price for immediate delivery—changes every 15 seconds. It is influenced by a complex matrix of factors, including supply and demand, geopolitical tensions, currency movements (especially the US dollar), and high-frequency trading activity.

The global gold market has recently demonstrated extreme volatility. Analysts have observed unprecedented swings, with one report highlighting a staggering “$3+ trillion wiped out from gold and silver in minutes” following record highs. While attributed by many to profit-taking and speculative trading, such events highlight the market’s sensitivity and the need for local sellers to have clear, real-time pricing benchmarks. Benchmarking the daily price to the live morning market specifically addresses this, ensuring the fixed price reflects the most immediate market conditions.

For miners, understanding how their gold is valued is key. The value is determined by two core factors: weight (measured in troy ounces, where 1 oz t = 31.1035 grams) and purity (measured in karats, with 24K being pure gold). FGR’s adoption of a live morning benchmark for its daily fixed price means the base value of their product will now reflect the exact price at the day’s outset, as traded on global exchanges, before refinery premiums and costs are applied.

The move is widely seen as a positive step toward modernizing Zimbabwe’s gold trading ecosystem. By directly linking the daily fixed price to a live morning global benchmark, FGR reduces potential informational gaps and builds trust with producers. This fair and efficient pricing model can incentivize production and formalization within the sector, a cornerstone of the national economy.

“Our goal remains to ensure that the Zimbabwean gold industry thrives through fair, efficient, and modern trading practices,” FGR’s statement concluded.

For Zimbabwean miners, the change simplifies and modernizes the valuation process. The fixed daily price they receive will now be pegged to a more timely and verifiable international standard, set using live morning data rather than yesterday’s close.

How Zimbabwe’s Mining Reality Confronts Global Risk Perceptions

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How Zimbabwe’s Mining Reality Confronts Global Risk Perceptions

CAPE TOWN — At the heart of Zimbabwe’s push for large-scale mining investment lies a critical divide: the solid, operational reality on the ground versus the entrenched risk perceptions held by international financial institutions, Mining Zimbabwe can report.

By Rudairo Mapuranga

This gap was laid bare by Bernard Pryor, Managing Director of Karo Mining Holdings, who detailed the challenge of financing billion-dollar projects in a country whose geological wealth is often overshadowed by financial caution.

Speaking at the Zimbabwe Mining Forum on the sidelines of the Investing in Africa Mining Indaba, Pryor articulated the dual reality facing project developers.

“We all sit here. We know the reality. We know what works,” he stated. “The perception of lenders is quite often the reverse. It’s all risk, all risk, Zimbabwe risk.”

For Pryor, the “reality” is that Zimbabwe’s premier mining projects, like Karo’s platinum operation on the Great Dyke, meet the essential criteria sought by developers.

“On the project side, I would say there are four things,” he outlined. “One is, is the resource there? Well, that’s on the Great Dyke, quite easy. Is there water? Yes. Is there power? And what about people to execute? So I think we are very comfortable. We can sell that very easily — tick, tick, tick, tick — on the project side.”

This confidence is reflected in the continued activity across the sector. Companies like Invictus Energy are advancing a major gas project, Premier African Minerals is developing lithium assets, and Kavango Resources is exploring for gold and base metals, all betting on the underlying mineral endowment.

The formidable challenge, Pryor explained, emerges when seeking “conventional project finance” from international banks, rather than equity or development finance. For these lenders, the assessment shifts from physical resources to financial security.

“The lenders need fiscal stability so that they’re going to get their money back. And then their goalposts don’t move,” Pryor said, highlighting the first major concern. He welcomed recent government assurances on stable fiscal policy but identified the second, more complex issue: “the currency.”

Lenders providing U.S. dollar loans require repayment in dollars and take security over all project assets.

“The asset is not only the physical assets, but all the bank accounts, all the U.S. dollars, and all the local currency,” Pryor noted.

Zimbabwe’s retention policy, which converts 30% of export earnings to the local currency (ZiG), creates a perceived security risk for financiers.

“How do they view that risk profile of the 70-30 conversion? And lenders look at that differently.”

In response to this environment, mining firms are deploying innovative, hybrid financing models that bypass sole reliance on traditional international banks:

Karo also raised $36.8 million through a dollar-denominated bond on the Victoria Falls Stock Exchange (VFEX), a key platform for accessing capital comfortable with the local framework.

Other companies like Invictus and Kavango have leveraged their listings on international exchanges (ASX, LSE) to raise equity, while simultaneously engaging with development finance institutions (DFIs) that have a higher risk tolerance for frontier markets.

Pryor indicated that resolving the impasse requires direct dialogue.

“We’re looking at that now with the government and with lenders and trying to bridge that gap so everybody is happy.” This involves aligning Zimbabwe’s legitimate economic policies with the non-negotiable security requirements of international project finance.

The government’s recent focus at Indaba on clarifying fiscal terms and outlining a measured path to currency reform is a direct effort to address these perceptions. The success of companies in raising capital through alternative routes demonstrates that investment is flowing where structures mitigate perceived risk.

The core of Zimbabwe’s mining narrative is no longer just its geology, but its ability to creatively solve the financing puzzle, turning its tangible on-ground reality into a bankable proposition for the global capital needed to unlock it.

Zimbabwe Offers Safe Haven for Mining Investors Amid Rising African Resource Nationalism

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Zimbabwe Offers Safe Haven for Mining Investors Amid Rising African Resource Nationalism

At a time when resource nationalism is gathering pace across the continent, Zimbabwe has presented itself as a friendlier and more predictable mining environment, transparent as the country courts serious, long-term investors, Mining Zimbabwe can report.

By Ryan Chigoche

This was highlighted by the Permanent Secretary in the Ministry of Finance and Investment Promotion, George Guvamanga, at the ongoing Investing in Africa Mining Indaba 2026.

Across the region, rising resource nationalism has unsettled mining investors. In Mali, the government recently increased state participation in mining projects and temporarily took control of a major gold mine, raising concerns over regulatory stability.

In Burkina Faso, authorities have pushed for greater local ownership in gold operations, prompting some foreign investors to reassess their commitments.

Against this backdrop, Guvamanga, speaking at the Indaba, promised a stable, predictable alternative, with abundant mineral wealth and a transparent, pro-investment framework, as he called for quality investors to partner with Zimbabwe.

“In a global environment characterised by rising resource nationalism and regulatory uncertainty, Zimbabwe offers a compelling alternative mining destination. We offer world-class geology, competitive operating costs, and a legislated, transparent fiscal regime… However, Zimbabwe is not seeking speculative capital. We are seeking long-term, technically competent, and well-capitalised investors committed to responsible and profitable mining.”

To support this vision, Zimbabwe has deliberately structured its mining fiscal framework to encourage long-term, capital-intensive investment.

Incentives are designed to make projects bankable and attractive, including full deductibility of capital expenditure, indefinite carry-forward of mining losses, accelerated capital allowances, preferential corporate tax rates for strategic projects, VAT deferment on imported mining equipment, customs duty exemptions, and equal treatment for resident and non-resident investors.

Recent adjustments following the 2026 National Budget, such as suspending limits on the carry-forward of mining losses and maintaining flexible capital expenditure rules, signal the government’s intent to provide policy stability and reinforce investor confidence.

Beyond fiscal measures, the government is actively promoting local beneficiation, particularly for strategic minerals like lithium.

Export taxation has been aligned to encourage downstream processing and integration into global battery supply chains, while gold royalties are structured to ensure fair sharing of windfall gains without undermining mine viability.

Over the past year, Zimbabwe’s extractive sector has remained a key driver of the economy, contributing 14.5% of GDP and nearly two-thirds of total exports.

The country boasts more than 60 commercially exploitable minerals, including gold, platinum group metals, chrome, lithium, diamonds, coal, nickel, and tin. Ongoing exploration continues to uncover additional resources, including rare earth elements, reinforcing Zimbabwe’s growing strategic importance on the global mining stage.

With its rich mineral endowment, investor-friendly policies, and strategic location in Southern Africa, Zimbabwe is sending a clear message to the international mining community: this is a country for serious, long-term investors, not speculators.

RBZ Drops Fixed Mono-Currency Timeline, Adopts Conditions-Based Transition

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RBZ Drops Fixed Mono-Currency Timeline, Adopts Conditions-Based Transition

…As they assure investors of capital repatriation and forex availability

The Reserve Bank of Zimbabwe (RBZ) has moved to adopt a conditions-based transition to a mono-currency, abandoning the 2030 fixed-date target, as authorities simultaneously build sufficient foreign currency to allow investors to repatriate their capital and earnings, Mining Zimbabwe can report.

By Ryan Chigoche

For years, Zimbabwe has signalled a long-term intention to return to a single currency as part of efforts to restore full monetary sovereignty after more than a decade of multi-currency use dominated by the U.S. dollar.

However, repeated policy shifts, currency volatility, and past episodes of rapid local currency depreciation have left investors wary, reinforcing Zimbabwe’s reputation as a high-risk environment for fiscal stability.

The previously muted 2030 timeline for a mono-currency transition did little to ease these concerns.

Investors and lenders are primarily focused on two issues: fiscal stability, ensuring that the “goalposts don’t move” and project returns are protected, and currency risk. While lenders may extend loans in U.S. dollars, repayment offshore can be complicated, and they often require security over the asset and all associated financial accounts, including local and foreign currency holdings.

Recognising these concerns, the RBZ has moved to a more flexible, market-driven approach.

Farai Masendu, RBZ Director of Financial Surveillance, told delegates at the Zimbabwe Mining Forum during the ongoing Investing in Africa Mining Indaba that the transition to a single domestic currency will be guided by conditions on the ground, while guaranteeing investors the ability to repatriate their capital and profits.

“When we talk about a mono-currency, it is not about a specific date such as 2030, but about meeting certain conditions. The process must be market-driven and not imposed. Once we achieve durable single-digit inflation, exchange rate stability, adequate foreign currency reserves, fiscal discipline, and a stable financial system, the transition will occur naturally,” Masendu said.

He added: “Let me also assure investors that Zimbabwe continues to uphold the principle of ‘capital in, capital out’. Investors are free to repatriate dividends, profits, and invested capital. The willing-buyer willing-seller foreign exchange market is functioning efficiently, with sufficient liquidity to meet external obligations, and foreign currency is no longer a constraint.”

The RBZ underscored that the transition will depend on meeting key macroeconomic benchmarks, including durable single-digit inflation, exchange rate stability, adequate foreign currency reserves, fiscal discipline, and a stable financial system, showing that the move will be gradual and carefully managed.

The Conditions Precedent for Zimbabwe to Move to a Mono-Currency

To provide more clarity, the Reserve Bank of Zimbabwe has outlined a conditions-based pathway to a single domestic currency, anchored on achieving sustained macroeconomic stability before any transition is undertaken. Central to this framework is the need to maintain durable single-digit inflation.

While inflation has eased to around 4.1%, the RBZ stresses that stability must be sustained over time before it can be considered firmly contained. Closely linked to this is the requirement for exchange rate stability, which is essential to build market confidence and preserve the value of investments.

“We believe we are on the right trajectory in terms of price and exchange rate stability. As we continue along this path, preservation of value becomes critical. Let me now address the issue of the roadmap to a mono-currency,” Masendu said.

Another critical pillar is the accumulation of adequate foreign exchange reserves to support external obligations and investor confidence.

As the economy gradually moves toward greater use of the local currency for domestic transactions, exporters are expected to convert part of their proceeds to meet local obligations through market mechanisms.

The willing-buyer, willing-seller foreign exchange market continues to play a central role, with the RBZ indicating it is functioning efficiently and currently showing stronger supply relative to demand.

At the same time, reserve accumulation remains a priority, with the apex bank targeting six months of import cover to provide a buffer for dividend repatriation, external payments, and imports of goods and services. Current import cover levels remain below this benchmark, estimated at between 1.2 and 1.5 months.

The RBZ also expects growing demand for the local currency as more domestic transactions shift toward it.

However, the transition to a mono-currency is not expected to eliminate Foreign Currency Accounts, with exporters continuing to retain them for external obligations while accessing local currency through market conversion when required.

Progress on Inflation, Exchange Rate, and Financial Stability

Since the introduction of a new monetary framework in April 2024, the Reserve Bank of Zimbabwe has pursued a structured approach built on three pillars: price stability, exchange rate stability, and financial system stability.

The framework was designed as a return to basics, enabling the central bank to focus on its core mandate.

According to the RBZ, significant progress has been made on all three fronts. Inflation has eased to 4.1% year-on-year as of January, providing a more stable environment for business planning and investment.

On the exchange rate, the introduction of a gold-backed currency has helped maintain stability, with the rate holding at around 26 to 1 against the US dollar.

This stability is particularly important for exporters, ensuring the value of the 30% of proceeds surrendered from export earnings is preserved.

“We are clear, as monetary authorities, about the conditions precedent that must be in place before we can move to a mono-currency. From a policy perspective, like other countries, we require our own domestic currency. We have made false starts in the past, but this time we are guided by past experience and international benchmarks,” Masendu concluded.

Caledonia Hails Government’s Responsiveness, Says Fiscal Stability Key but Achievable

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Caledonia Hails Government’s Responsiveness, Says Fiscal Stability Key but Achievable

Caledonia Mining Corporation, a top gold producer, has praised the Zimbabwean government for responding to industry concerns, however, noting that the need for fiscal stability remains key but achievable, Mining Zimbabwe can report.

By Ryan Chigoche

Zimbabwe’s fiscal environment has long been a concern for international lenders, who worry about policy predictability and currency risks. Even U.S. dollar loans can face repayment challenges, often requiring security over both local and foreign accounts.

A recent example of this unpredictability was the proposed hike in gold royalties. Caledonia challenged the plan, which initially set a 10% rate for gold above US$2 501 per ounce, up from 5%.

Following backlash from miners, the government later amended the gold royalty proposal to apply only above US$5 000, highlighting both the risks and the responsiveness within Zimbabwe’s fiscal landscape.

Speaking on a panel at the Zimbabwe Mining Forum, held on the sidelines of the Investing in Africa Mining Indaba, Caledonia CEO Mark Learmonth emphasized how the government’s responsiveness is helping address some of these long-standing fiscal concerns.

“The government is acutely aware of its investment environment and is working to attract mining investors. Zimbabwe offers strong legal protections, skilled personnel, a good registry, and adequate utilities. However, fiscal policy can be unpredictable. When the budget proposals came out on 27 November, it caused a scramble. The positive aspect is that the government listened when we explained the issues.”

He noted that while fiscal stability is crucial for attracting investors, he remains confident that it is achievable in Zimbabwe.

“International investors understand the fiscal risks, but they also see the potential rewards. Stability in fiscal policy is key, and we believe that is achievable in Zimbabwe,” Learmonth added.

Building on this confidence, Caledonia reported notable improvements in the country’s fiscal processes. Dollar inflows are now received within about 48 hours, allowing the company to reinvest locally, with any surplus available for export.

The 30% ZWL component is used to cover taxes and domestic expenses, and while some suppliers still resist accepting ZWL, occasionally raising costs, this is gradually improving. Caledonia also noted progress among partner companies in managing debts.

However, the company acknowledged that risks remain, as holding ZWL balances can expose them to losses if exchange rates shift suddenly.

Over the past 18 months, stability has improved, with the central bank implementing tighter controls.

Hedging continues to play a crucial role, with 70% of gold exported to enable offshore hedging and lending, adding financial stability in perceived risky environments.

Caledonia added that these measures contributed to its recent $150 million fundraising in the United States, reinforcing investor confidence in Zimbabwe’s mining sector.

Mutapa to Develop Elvington Mine to Former Production Glory Through Phased Strategy

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Mutapa to Develop Elvington Mine to Former Production Glory Through Phased Strategy

In an effort to develop the country’s former mines to their former glory and unlock Zimbabwe’s underground wealth, Mutapa Gold Resources is implementing a pragmatic and phased strategy for the historic Elvington Mine in Chegutu, transitioning the asset from a site of informal mining activity into a future cornerstone of formal, large-scale production, Mining Zimbabwe can report.

By Rudairo Mapuranga

Outlining the plan at the Kuvimba Mining House (KMH) press conference, which saw the end of KMH, Mutapa Gold Resources CEO Trevor Barnard detailed a unique transitional model currently in place.

“We’re running on the basis of a contract mining agreement where we’re supporting the artisanal miners that are there at the moment,” Barnard stated.

He said it is an equitable structure between Mutapa, the company responsible for processing, and the artisanal miners.

“All the gold that they’ve produced is then split equitably between ourselves, them, as well as the processor. And that gold all goes through the selling through Fidelity.” This ensures immediate, legal revenue generation for all parties and the state while maintaining order.

According to Barnard, this interim partnership paves the way for a significant long-term investment.

“Our long-term plan with Elvington obviously is to develop that mine to its former production capacity again,” Barnard confirmed. However, this major undertaking is strategically placed within Mutapa Gold’s broader project pipeline.

Barnard clarified the sequence: “Our project pipeline is first of all Shamva. As soon as Shamva is well on the go, then we’ll follow up with the development of Jena. Those two will run to an extent concurrently, and then once those are operational, it’s then to take the next step and develop Elvington to its full extent.”

This phased approach is rooted in the mine’s geology. Barnard noted that while artisanal miners work near the surface, “the main portion of Elvington’s resource is actually sitting underground below where the artisanal miners can actually access. And that’s our focus for the future.”

This move by Mutapa Gold Resources represents an intelligent and necessary evolution in managing complex legacy assets. Historically, Elvington has been a flashpoint, suffering from illegal incursions that led to safety hazards and operational standstills. Previous strategies often veered towards confrontation, attempting to forcibly clear such sites.

Mutapa’s genius lies in its three-stage model:

  1. Formalisation & Stability: The contract mining agreement avoids conflict, formalises informal activity, injects immediate capital into the local economy, and secures Mutapa’s operational control and social licence on the ground.

  2. Revenue Generation & De-risking: The model turns a liability into a cash-flow-positive asset. The revenue from the shared gold sales helps fund care, maintenance, and preliminary work, de-risking the future major investment.

  3. Strategic Sequencing: By placing Elvington’s full-scale development after Shamva and Jena, Mutapa ensures it can deploy concentrated capital and management focus when the time is right, without overextending its resources.

This strategy underscores the effectiveness of Mutapa Investment Fund’s new vertically focused structure. Mutapa Gold Resources can apply specialised expertise to navigate the unique challenges of reviving gold assets, turning a historically problematic site into a planned engine of future growth and formal employment.

Mimosa Production Declines 5% in First Half of FY 2026 on Power, Ore Challenges

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Mimosa Production Declines 5% in First Half of FY 2026 on Power, Ore Challenges

Zimbabwe’s second-largest platinum group metals (PGM) producer, Mimosa Mining Company, has reported a 5 per cent decline in 6E concentrate production for the six months ended 31 December 2025, attributing the drop to intermittent power interruptions and increased processing of challenging ore types, Mining Zimbabwe can report.

By Rudairo Mapuranga

According to a production update released by its major shareholder, Impala Platinum Holdings Limited (Implats), Mimosa’s output fell to 123,000 ounces for the first half of its 2026 financial year. This performance reverses the positive momentum from the comparable period in 2024, which saw a 5 percent year-on-year increase to 122,639 4E ounces.

The half-year result consolidates a challenging start to the financial year, following a reported 6 percent production dip in the first quarter (July–September 2025). The primary causes remained consistent throughout the period: processing instability due to unscheduled power cuts and lower recoveries associated with treating higher volumes of oxidised ore as mining advances toward the extremities of the orebody.

This decline marks a significant shift from Mimosa’s performance in the 2024 calendar year, where strategic plant optimisations drove an 8 percent quarterly production boost and positioned the mine as a global low-cost producer. The current challenges highlight the vulnerability of even the most efficient operations to Zimbabwe’s infrastructural constraints and natural orebody progression.

“The recent results underscore a persistent dichotomy for Mimosa,” noted a local mining analyst. “The mine has demonstrated world-class efficiency through its optimisation projects, but these gains are being systematically eroded by external power instability and internal geological factors. The increased oxidised ore is a finite mining challenge, but the power issue is a recurring tax on productivity.”

The 5 percent half-year production drop has tangible economic ramifications. Based on recent basket prices, the lost output likely represents several million dollars in unrealised export earnings for Zimbabwe. As a major foreign currency earner, Mimosa’s performance directly impacts national revenue.

The operational setbacks at Mimosa occur against a fragile global PGM pricing environment. While platinum has found some support from industrial and hydrogen economy applications, palladium and rhodium prices remain under severe pressure due to the accelerated adoption of electric vehicles and thrifting in the automotive sector. This low-price environment amplifies the financial impact of production declines, squeezing producer margins and making cost control and operational stability paramount.

Despite the current headwinds, the joint venture between Implats and Sibanye-Stillwater is expected to continue leveraging its low-cost base and completed capital projects, such as the new tailings storage facility, to navigate the difficult period. The focus will remain on mitigating the impact of oxidised ore through metallurgical adjustments and pursuing possible interim solutions to power reliability.

For Zimbabwe’s mining sector, Mimosa’s experience reinforces the urgent need for permanent solutions to the national power crisis. As global markets demand consistent and cost-competitive supply, the country’s ability to address its infrastructural deficits will be a critical determinant of its future share in the global PGM industry.

Gold buying prices in Zimbabwe per gram/ ounce, 10 February 2026

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Gold buying prices in Zimbabwe per gram/ ounce, 10 February 2026

Gold buying prices in Zimbabwe per gram/ ounce, 10 February 2026, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

Here you go — converted neatly into USD per troy ounce (oz) using 1 oz = 31.1035 g.

CategoryPrice ($/g)Price ($/oz)
SG 90% and above152.894,755.71
SG 85% and above but below 90%151.274,705.40
SG 80% and above but below 85%149.664,655.09
SG 75% and above but below 80%148.044,604.78
Sample 5g and above but below 10g145.614,529.19
Fire Assay CASH153.704,781.07

 

Note: The Fire Assay cash price applies to gold above 100g, with no sample deduction.

A sample of not more than 10g is deducted for the Fire Assay Transfer price.

Full House at the Caledonia Mining-Hosted Zimbabwe Mining Forum in Cape Town

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Full House at the Caledonia Mining-Hosted Zimbabwe Mining Forum in Cape Town

Cape Town — A packed hall attendance marked the Caledonia Mining-hosted Zimbabwe Mining Forum in Cape Town, underscoring strong interest in Zimbabwe’s mining sector on the sidelines of the Investing in Africa Mining Indaba.

Held at the Radisson Collection Hotel on the V&A Waterfront, the high-level forum brought together senior government officials, mining executives, financiers, and investors for a focused discussion on opportunities, policy direction, and the realities of doing business in Zimbabwe’s mining industry.

Opening the session, Caledonia Mining Executive Director Victor Gapare welcomed delegates and highlighted the importance of candid engagement between government and industry at a time when Zimbabwe is repositioning itself as a competitive mining destination.

The keynote address will be delivered on behalf of the Minister of Mines and Mining Development, Honourable Dr. Eng. Polite Kambamura, in absentia, who is expected to outline government priorities around mineral exploration, value creation, and investment facilitation. His speech is expected to outline the administration’s commitment to restructuring the mining sector to support sustainable growth and improved investor confidence.

Permanent Secretary in the Ministry of Finance, Economic Development and Investment Promotion, George Guvamatanga, will follow with remarks on macroeconomic reforms and fiscal discipline, stressing the role of mining as a cornerstone of Zimbabwe’s economic recovery and long-term development agenda.

A lively panel discussion titled “Zimbabwe Mining: Perception vs Reality” will form the centrepiece of the forum. Chaired by Gold Fields Non-Executive Director Michael Rawlinson, the panel featured senior industry leaders including Caledonia Mining CEO Mark Learmonth, Zimplats CEO Alex Mhembere, Mimosa Mining Managing Director Fungai Makoni, Valterra Platinum’s Colin Chibafa, Karo Mining Holdings Managing Director Bernard Pryor, and Kavango Resources’ Alex Gorman.

Panellists are expected to address investor concerns ranging from policy consistency and infrastructure to capital availability and operational performance, while also highlighting success stories and ongoing expansions across gold, platinum, and base metals operations in Zimbabwe.

The extended question-and-answer session is also expected to reflect strong engagement from the audience, with delegates probing regulatory reforms, project pipelines, and opportunities for new capital deployment.

The full house at the forum sent a clear signal that Zimbabwe remains firmly on the radar of global mining investors. With government and industry leaders presenting a unified message in Cape Town, the Caledonia Mining-hosted event reinforces Zimbabwe’s push to reset perceptions and position itself as an open and investable mining jurisdiction.

Mutapa Investment Fund Courts Global Capital Following Landmark Mining Restructure Policy and governance tone

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Mutapa Investment Fund Courts Global Capital Following Landmark Mining Restructure Policy and governance tone

The Mutapa Investment Fund (MIF) has descended on the Investing in Africa Mining Indaba in Cape Town armed with a restructured portfolio and a direct invitation to global capital, framing its participation as a decisive break from past models, Mining Zimbabwe can report.

By Rudairo Mapuranga

The sovereign wealth fund’s Chief Investment Officer, Simba Chinyemba, confirmed the high-level delegation’s plans, stating their intent to pursue partnerships and project financing with a newly streamlined and focused corporate architecture.

“It’s not just the world, but Zimbabwe is also descending to the Mining Indaba,” Chinyemba said, emphasising the coordinated national effort. “If you are interested in investing in Zimbabwe, Zimbabwe is open for business. We will be there. Come, let us talk, and we will present the projects and the potential investments that are available in our country.”

This invitation follows the Fund’s landmark decision to dissolve its legacy holding structure, epitomised by Kuvimba Mining House, and reorganise its mining assets into five distinct, commodity-specific verticals. The move, described as the most significant strategic shift in Zimbabwe’s state-linked investment landscape in a decade, is designed to eliminate inefficiencies, sharpen management focus, and align with global best practices to attract investment.

Chinyemba explained that the delegation will showcase a mix of advanced and new ventures. “These projects, some of them we already have partners, but some of them we are looking for financing,” he noted. “We will be speaking to various investors who are interested in investing in Zimbabwe.”

Gone is the previous “spiderweb of various entities,” as Chinyemba termed it. In its place, MIF has established five dedicated verticals, each with appointed leadership:

  • Mutapa Gold Resources, led by CEO Trevor Barnard
  • Mutapa Base Metals, led by CEO Godwin Gambiza
  • Mutapa Energy Minerals, led by CEO Innocent Rukweza
  • Mutapa Platinum Group, led by CEO Munashe Shava
  • Mutapa Frontier, dedicated to rare earths and strategic minerals (CEO to be announced)

“This is neither unique nor experimental,” Chinyemba stated, citing global giants like Rio Tinto and BHP. “It simply reflects how the world’s leading mining houses organise themselves to be effective, accountable, and aligned with long-term shareholder outcomes.”

The restructuring is the cornerstone of MIF’s 2026 FIRE strategy — Fix, Revive, Strengthen, and Extract value. By creating specialised verticals, the Fund aims to tailor capital allocation and technical oversight to the unique cycles of each commodity, from gold and platinum to lithium and coal.

To deepen engagement at Indaba, Mutapa will co-host a dedicated symposium with the Ministry of Mines and Mining Development. This side-event will drill down into specific sector opportunities.

“We will speak a lot more around the specific opportunities that are available in Zimbabwe,” Chinyemba added.

The combined presence of the restructured sovereign fund and the Ministry signals a coordinated national strategy to attract mining investment. The clear message is that the Mutapa Investment Fund now offers international partners a more transparent, focused, and professionally managed gateway to Zimbabwe’s mineral sector, which is pursuing ambitious growth under the National Development Strategy 2 (NDS2).

The Fund’s final word to the global mining finance community was an unequivocal call to action: “So if you are an investor, see you in Cape Town next week.”

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