A parliamentary oversight visit to Mutapa Investment Fund’s flagship gold operations this week appears to have strengthened political backing for one of Zimbabwe’s most ambitious state-led mining expansion programmes in years, as lawmakers emerged impressed by the scale of investment, operational strategy and growth projections presented at Freda Rebecca Gold Mine.
Members of Parliament’s Public Accounts Committee (PAC), led by Caston Matewu, toured the mine as Mutapa Gold Resources unveiled plans to increase gold production from roughly 300 kilograms per month to 570 kilograms by 2028 through a US$250 million expansion strategy.
Speaking during the visit, Matewu said Parliament wanted to fully understand the direction being taken by the state investment vehicle and its importance to Zimbabwe’s economic ambitions.
“Gold is very significant in terms of being an economic enabler, and what we want to see as Parliament is growth. We want to see more tonnage and more gold being produced so that it has a ripple effect on the growth of the economy,” he said.
The visit comes as Zimbabwe increasingly leans on gold exports to stabilize foreign currency inflows and support broader industrial ambitions under Vision 2030. Global bullion prices hovering near historic highs above US$4,000 an ounce have significantly improved the economics of gold production, triggering renewed investment appetite across the sector.
Mutapa executives told lawmakers the expansion would be financed through a combination of debt syndication, operational cash flows and exploration investment. Deputy Chief Investment Officer Ernest Denhere said the group is currently mobilizing a US$75 million local debt syndication as the first phase of the wider US$250 million capital programme focused on mine-life extension, beneficiation and production growth.
The strategy also includes a US$12 million exploration budget for 2026 aimed at extending the lifespan of key operations to at least 10 years. The issue is particularly urgent at Freda Rebecca, which currently has only four years of remaining reserves at current extraction levels.
PAC members said the physical tour of the mine and direct engagement with engineers gave legislators a clearer understanding of the sector they are often required to debate and regulate from Parliament.
“When you are in Parliament, sometimes you debate on things that you have no clue about,” Matewu said. “What we wanted to verify was to actually see the human resource, the people working within the industry, and the mines themselves so that when Mutapa comes to Parliament asking for legislation changes or funding approvals, we know exactly what we are talking about.”
The committee toured open-pit mining operations, processing infrastructure and engineering sections as part of what lawmakers described as a verification exercise.
“We are happy as Parliament that this is the route that Mutapa is taking,” Matewu added. “The roadmap ahead from Mutapa is quite impressive.”
The positive reception marks an important political moment for Mutapa Investment Fund, the state-owned sovereign wealth vehicle overseeing strategic national assets across mining, energy, infrastructure and transport. Since its restructuring into a broader state investment platform, the fund has faced scrutiny over governance, transparency and oversight concerns.
However, the mining cluster — particularly gold — is increasingly becoming central to the fund’s economic narrative.
Mutapa Gold Resources currently controls operations including Freda Rebecca Gold Mine, Shamva Mine, Jena Mine and Elvington Mine. Freda Rebecca alone contributes roughly 70 percent of total group production.
Executives told Parliament that revenue surged from US$138 million in the year ending March 2024 to US$415 million in the year ending March 2026, while profit before tax climbed from US$42 million to US$157 million, largely driven by rising international gold prices and operational efficiencies.
Mutapa says beneficiation now forms a key pillar of its long-term strategy, with plans to strengthen domestic refining, local mineral processing and downstream industrial linkages instead of relying predominantly on raw mineral exports.
For lawmakers, the visit appeared to shift the conversation from abstract policy debates toward operational realities on the ground.
“At least we are now well informed about what is being done by Mutapa,” Matewu said. “When we go back to Parliament and debate, we now know how this investment is helping these companies to thrive.”
