Zimbabwe's Sovereign Wealth Fund seeks $250 million to increase gold production.

The Zimbabwean state-owned sovereign wealth fund Mutapa Investment Fund Ltd. needs $250 million to expand its gold mining business nationwide. Deputy Chief Investment Officer Ernest Danhur stated that negotiations with local lending institutions have begun. The fund owns Mutapa Gold Resources Limited. "We are currently working on a $75 million local debt syndicate loan project, this is just the beginning," he said, "In March, we achieved a record production of 340 kilograms, and we expect production to reach 570 kilograms by 2028." Last year, Mutapa's gold production was 3.6 tons; this year production has decreased to 3.3 tons, all sold to the state-owned Fidelity Gold Refinery. Danhur did not disclose the entities involved in this financing plan. Mutapa Gold Resources Limited owns five mining rights nationwide with a total area of approximately 52,000 hectares.