Zimbabwe’s state-owned miner Mutapa Gold Resources plans to double its annual gold production compared to the last financial year to reach 220,000 ounces by 2029. Mutapa said it secured $75 million from Zimbabwean banks to raise output from a key pit located to the northwest of Harare, with more capital expected from foreign lenders.

Gold accounted for nearly half of Zimbabwe’s $9.7 billion export revenues last year, as the country hiked royalties to tap into gold price increases that have only recently started to cool. Harare earned $1.2 billion from gold revenues between January and April this year, more than double receipts from the same period in 2025, according to the central bank.