Zimbabwe’s largest gold producer is preparing for a major expansion as the country seeks to build on record earnings from gold exports, one of the biggest drivers of its economy.

The state-owned miner, backed by the Mutapa Investment Fund, plans to lift annual output to more than 400,000 ounces from current production of about 220,000 ounces.

The push comes after Zimbabwe earned $4.61 billion from gold exports in 2025, reinforcing the metal’s position as the country’s leading source of foreign exchange.

New funding from domestic lenders has helped move the plan forward. Company officials said $75 million has been secured from Zimbabwean banks to fund the Shamva Hill open-pit project, covering half of the capital required for the development.

Despite a decline in production last year because of lower ore grades, the miner remains Zimbabwe’s biggest gold producer and is looking to increase capacity across several operations.

Gold exports strengthen Zimbabwe’s economy

Gold has become increasingly important to Zimbabwe’s export earnings. In the first quarter of 2026, the country generated $1.19 billion from gold shipments, more than double the $579 million recorded in the same period a year earlier.

In 2025, gold exports accounted for nearly 47.5 percent of Zimbabwe’s total export revenue of $9.7 billion, underlining the sector’s importance to the broader economy.

Production figures released Friday showed the state miner produced 104,626 ounces in the financial year ended March 31, down 10 percent from the previous year as lower grades weighed on output.

Shamva project to drive output growth

At the center of the expansion plan is the Shamva Hill project, located about 100 kilometers northwest of Harare. Construction is scheduled to begin in August.

Once completed, the project is expected to increase annual production at the mine from roughly 24,000 ounces to more than 80,000 ounces.

The company is also counting on higher output from the Freda Rebecca mine, expansion work at the Jena mine and additional supplies from artisanal miners to support future growth.

Mutapa seeks additional funding

The Mutapa Investment Fund said in May that it is looking to raise as much as $250 million to expand its gold mining portfolio.

Deputy Chief Investment Officer Ernest Denhere said the initial $75 million raised from local lenders marks the first phase of a wider financing plan.

Company executives said the funding will be deployed across five mining claims covering about 52,000 hectares, supporting efforts to lift output across Zimbabwe’s broader gold operations.