State-owned mining company Mutapa Gold Resources says it is positioning itself for long-term expansion after posting a major surge in profitability while reviving dormant assets and integrating artisanal miners into its operations.
Speaking before parliamentarians during a tour of the company’s mines, Mutapa Gold Resources cluster chief executive officer Patrick Maseva Shayawabaya revealed that revenue rose from US$138 million in the year to March 2024 to US$450 million in the year to March 2026.
Profit before tax climbed sharply from US$42 million to US$157 million, while net profit after tax increased to US$130 million.
“We manage the assets well and we deliver profitability,” Shayawabaya told lawmakers.
The company also contributed US$44 million in taxes during the period under review.
Mutapa Gold currently operates Freda Rebecca, Shamva and Jena mines, while other assets including Elvington Mine, Homestake and Kwekwe Consolidated Gold Mine remain under care and maintenance pending revival.
The company says it has successfully piloted an artisanal mining partnership model at Elvington Mine involving around 800 small-scale miners.
“I say experimenting, although we’ve been there now for two years, and it has proven to be a great success,” Shayawabaya said.
Mutapa Gold revealed that it controls nearly 52,000 hectares of mining claims nationwide and currently supports more than 4,000 jobs directly and indirectly.
Despite declining ore grades at Freda Rebecca and Shamva, soaring global gold prices helped boost profitability, with gold prices rising from around US$1,300 per ounce in 2024 to nearly US$4,000 during the period under review.
The miner says production is expected to recover this year following operational improvements.
