Mutapa Investment Fund Seeks Investors to Boost Mining Cluster
The Mutapa Investment Fund, Zimbabwe’s sovereign wealth fund, has revealed that its current strategy for the mining cluster is to form joint ventures and partnerships to revitalize its mining portfolio, rather than acquiring new mines, Mining Zimbabwe has learned.
By Ryan Chigoche
This development comes amid speculation that the sovereign wealth fund may acquire new mines, as Zimbabwe is currently experiencing an unprecedented influx of investors in the mining sector.
Mutapa currently holds a diverse range of assets in the mining sector, and the fund is seeking to unlock the full potential of the mines already in its portfolio. The fund’s mining cluster comprises various companies, each with its unique strengths and resources.
Speaking to Mining Zimbabwe on the sidelines of a recent event, Mutapa Investment Fund CEO John Mangudya stated that they are not looking to acquire new mines but have opened up investment opportunities through partnerships to make the mines already in their portfolio more viable.
“In terms of acquisitions of new mines, the opportunity is for investors to form joint ventures with us, Mutapa. If you want to go into gold production, lithium, or chrome, we have those resources under Mutapa, so if you have a good investor or are an indigenous investor yourself, we can do a joint venture. For now, we can’t acquire new mines, but we need to look at how we can make those already in the portfolio more viable. So, it will either be us putting money there or investors,” Mangudya said.
The Mutapa Investment Fund has a diverse portfolio of mining companies, including Kuvimba Mining House, which owns around a dozen gold, lithium, nickel, and platinum mines, as well as Fidelity Gold Refinery, a gold refining company, and Hwange Colliery Company, a coal mining company. Additionally, the fund has investments in Defold Mine, which owns the Zimbabwe Consolidated Diamond Company (ZCDC), a leading diamond mining company. This diverse range of investments positions the Mutapa Investment Fund as a significant player in Zimbabwe’s mining sector, with a focus on tapping into the country’s vast mineral resources and contributing to its economic growth.