The Mutapa Investment Fund (MIF) mining cluster has produced a total of 2.4 tons of gold in the first nine months of the year, with plans underway to further boost output through targeted strategic interventions.
As the principal investment arm of the Zimbabwean government, MIF is a sector-agnostic sovereign fund that invests in opportunities aligned with national development priorities across agriculture, renewable energy, technology, and mining. The Fund derives income primarily through dividends and investment returns, and may selectively pursue third-party funding while maintaining conservative leverage under strict risk and governance frameworks.
Addressing delegates at the Zimbabwe Gold Investment Conference 2025, MIF Deputy Chief Investment Officer Ernest Denhere said the strong performance was driven by investee companies within the mining cluster.
“The Fund has strong presence in the gold space through Kuvimba Mining House (KMH) and Defold Mine, delivering 29% of Large Scale Miners gold to Fidelity between January and September, at 2.4 tons. The Fund recognises that gold currently presents a unique opportunity for value creation and growth in export receipts,” he said.
MIF officials noted that precious metals, especially gold, have surged in 2025 as investors seek safe-haven assets amid geopolitical and economic uncertainty. Gold has gained 56% year-to-date, while Zimbabwe’s gold exports have grown by 71% for the nine months to September 2025.
Denhere said the value of gold exported by September stood at US$3.2 billion, with artisanal and small-scale miners contributing 74% of total gold output.
“With a funding pipeline of at least US$500 million across several gold projects, the Fund is open to exploring different strategies to support the sector and bolster the gold value chain. MIF is a long-term, non-speculative investor focused on providing patient capital to its investors.
“The Fund’s strategy also includes establishing an exploration fund. With gold as a safe-haven asset with long-term upside, there is strong upside for new discoveries,” added Denhere. – NewZimbabwe
