HARARE – Mutapa Gold Resources (MGR) has set its sights on generating about US$500 million in revenue in 2026, unveiling ambitious production and profit targets after declaring a US$35 million dividend to shareholders.
Speaking at the dividend declaration event, CEO Patrick Shayawabaya said the state-owned gold producer expects to produce 3,400 kilograms of gold, or 110,000 ounces, during the year, with improved mine performance underpinning its financial outlook.
“At the current gold price of about US$4,100 or thereabouts, our revenue will be about half a billion dollars and the profit before tax is around US$200 million,” Shayawabaya said.
The bullish forecast comes despite a challenging year in which the company’s gold output fell to 3,266 kilograms from 3,600 kilograms recorded previously after lower ore grades affected production at Freda and Shamva operations.
Shayawabaya said the company expects a turnaround driven by better grades, improved gold recovery rates and increased processing volumes.
“We forecast that we will produce 3,400 kilograms of gold or 110,000 ounces of gold. That production is premised on a better grade, better recovery and a slight increase in the tonnage that we are going to mill,” he said.
While expressing optimism, the CEO acknowledged that weakening global gold prices could affect earnings but stressed that management would remain focused on operational efficiency.
“We focus on the things that we can control. We focus on cost management, we focus on making sure that we mine properly, and we focus on improving efficiencies in our processing plants,” he said.
The company’s ambitious targets were announced as it celebrated its first dividend payout since being restructured under the Mutapa Investment Fund earlier this year.
The board approved a US$35 million dividend, equivalent to half of the US$70 million profit after tax recorded for the nine months ending December 2025.
“I’m absolutely delighted that we’ve been able to declare a dividend to the shareholders. Shareholders invest money to make money,” Shayawabaya said.
“It is my hope that this is the first of many times when we will be declaring dividends to our shareholders.”
Mutapa Gold Resources was established after the restructuring of the former KMH Gold Cluster and now operates mining locations at Freda Rebecca, Shamva, Jena, Elvington and Kwekwe while controlling approximately 52,000 hectares of mining claims and leases across Zimbabwe.
The company directly employs 2,800 workers and supports another 1,300 jobs through contractors.
As part of its long-term growth strategy, MGR is ramping up exploration to extend the lifespan of its mines. It has already drilled 46,000 metres over the past year and plans to complete another 81,000 metres by the end of 2026 to build reserves and secure operations for at least a decade.
The miner is also pressing ahead with its flagship US$152 million Shamva Hill Project, which will establish a new open-pit mine and processing plant expected to significantly increase future production capacity.
The aggressive revenue target signals Mutapa Gold Resources’ intention to capitalise on favourable market conditions while expanding production and delivering stronger returns to its shareholders.
