Harare – Mutapa Gold Resources has distributed over US$22 million to its parent company, the Mutapa Investment Fund (MIF), as part of a landmark US$35 million maiden dividend, signaling a financial turnaround for Zimbabwe’s state-owned gold producer.

The payout, declared for the nine months ending December 2025, follows a period of robust operational performance driven by firm international gold prices and a major restructuring of the country’s mining assets.

Mutapa Gold Resources Chief Executive Patrick Maseva-Shayawabaya confirmed that the dividend represents half of the company’s US$70 million profit after tax during the review period. The company generated US$271 million in revenue over the nine months, supported by production of 2,354 kilogrammes of gold.

“The payment reflected the group’s strong cash-generating capacity and demonstrated the success of efforts to improve operational performance across its mining operations,” Maseva-Shayawabaya said at a trading update in Harare.

Under the distribution, the Mutapa Investment Fund received US$22.5 million, while other shareholders including Datvest, the National Venture Capital Company of Zimbabwe, and the Public Service Commission Pension Fund shared the remaining balance.

The dividend milestone comes as MIF reported a surplus after tax of US$21.7 million for the year ended December 2025, according to the fund’s abridged audited financial statements. The fund’s investment portfolio increased to US$16.3 billion, up from US$14.8 billion in the prior year.

The payout caps a pivotal year for MIF, which executed a fundamental restructuring of its mining portfolio.

The fund transitioned from a conglomerate holding structure to commodity-aligned, ring-fenced operating models across gold, base metals, energy, and frontier resources.

Mutapa Gold Resources was established as a specialized vehicle following the unbundling of Kuvimba Mining House, a move aimed at sharpening governance and unlocking value.

MIF Chief Investment Officer Simba Chinyemba noted that active ownership and portfolio optimization were deepened through governance reform and operational turnaround initiatives during the year.

“Active ownership, portfolio optimisation, and monitoring were deepened through governance reform, capital structure optimisation, and operational turnaround initiatives across the portfolio,” Chinyemba stated in the fund’s financial report .

However, the fund’s 2025 financial statements received a qualified audit opinion, with auditors flagging non-compliance with International Accounting Standard 21 (foreign exchange) and IFRS 13 (fair value measurement). Auditors also raised concerns about estimation uncertainty in asset valuations, highlighting ongoing challenges in the fund’s financial reporting processes.

Future Outlook

Despite operational challenges at Freda Rebecca and Shamva mines that impacted first-quarter production, the company produced 3,255 kilogrammes of gold over the full 12 months to March 2026.

Mutapa Gold plans to nearly double output through a US$152 million expansion pipeline, including the development of the Shamva Hill open-pit project and expansions at Jena Mine.

MIF Chief Executive John Mangudya said dividends from the gold business would be reinvested to strengthen other state-owned assets within the fund’s portfolio.

“We are very pleased by the performance of Mutapa Gold Resources… It’s very commendable,” Mangudya said.