- State-owned miner exceeds first-quarter output despite gold price headwinds.
Mutapa Gold Resources Ltd. produced 1,826 kilograms of gold in the six months to June 2026, putting the company firmly on course to meet its full-year target of 3,400 kilograms, Mining Zimbabwe can report.
By Rudairo Mapuranga
Production for the quarter ended June reached 925 kilograms, exceeding the 901 kilograms recorded in the first quarter and demonstrating improved operational momentum following lower grades that had weighed on output at the Freda Rebecca and Shamva operations in the previous year.
The company’s half-year production of 1,826 kilograms – equivalent to approximately 58,700 ounces – compares favourably with the 2,354 kilograms produced in the nine months to December 2025, the period following the company’s restructuring under the Mutapa Investment Fund.
“We are very much on course to achieving 3,600 kilograms for the year to December 2026,” Maseva-Shayawabaya said in a recent presentation.
The company has revised its annual forecast to 3,400 kilograms, supported by better ore grades, improved recovery rates, and increased milling throughput. Recovery rates are currently averaging 83%, with management targeting 90% through ongoing investments in processing efficiencies at Freda and Jena.
At current gold prices of around US$4,100 per ounce, Mutapa expects annual revenue of approximately US$500 million and profit before tax of about US$200 million, though the recent softening of the gold price presents a key risk to margins.
The company posted a profit after tax of US$70 million for the nine months to December 2025, declaring a maiden dividend of US$35 million that was paid to shareholders, including parent Mutapa Investment Fund, CBZ Bank, and various state pension and insurance entities.
The half-year production figures come as Mutapa prepares to launch the US$152 million Shamva Hill Project next month, which will triple Shamva’s monthly output to 200 kilograms. A US$15 million expansion at Jena Mine is also scheduled to commence in the fourth quarter.
By December 2029, the company expects to be producing approximately 570 kilograms of gold per month, more than double its current run rate.
Mutapa Gold Resources, formed in January 2026 following the restructuring of the former Kuvimba gold cluster, operates the Freda Rebecca, Shamva, and Jena mines, with additional assets in Kwekwe and an artisanal mining initiative at Elvington. The company controls 52,000 hectares of mining claims nationwide and directly employs 2,800 people, with a further 1,300 employed through contractors.
