Mutapa fund seeks $250m for Shamva and Jena mines
Zimbabwe’s Mutapa Investment Fund plans to secure $250 million in debt financing to expand operations at two gold mining facilities. The sovereign wealth fund aims to raise $150 million for Shamva Gold Mine and $100 million for Jena Mines through agreements with banking institutions and other lenders, according to Deputy Chief Investment Officer Ernest Denhere.
The capital infusion could enable Jena Mines to increase monthly output from 30 kilograms to 100 kilograms within several months. Shamva currently processes 49,000 tonnes of ore monthly and maintains production capacity between 30 and 100 kilograms. The fund’s three-mine cluster generated 3.6 tonnes combined, with Freda Rebecca accounting for 68.3 percent, Shamva contributing 22.2 percent, and Jena representing 9.6 percent.
Mutapa Investment Fund acquired complete ownership of these mining assets after purchasing the remaining 35 percent stake in Kuvimba Mining House earlier this year. The fund controls more than 66 state-owned and state-invested enterprises.
