The gold-focused unit of Zimbabwe’s multi-billion-dollar sovereign wealth fund paid investors a US$35 million dividend Thursday, after posting strong profits driven by the bullion boom in 2025.
Executives at Mutapa Gold Resources (MGR) said the payout could mark the beginning of more returns for shareholders, including the Government of Zimbabwe.
Chief executive officer Patrick Maseva Shayawabaya said the dividend was approved after MGR posted a US$70 million profit after tax during the nine months to December 2025.
“What the Mutapa Gold Resources board did was to declare a dividend of US$35 million,” he told reporters and shareholders in Harare.
“In other words, half of the US$70 million that we made as a profit after tax, we declared it as a dividend. That dividend has been paid.”
Of the total payout, Mutapa Investment Fund (MIF) — the largest shareholder — received US$22,5 million, Datavest Nominees US$4,375 million, National Venture Capital of Zimbabwe US$2,625 million and the Public Service Pension Fund of Zimbabwe US$2,45 million. The Insurance and Pension Commission and the Deposit Protection Corporation got US$1,75 million each.
The payout capped a strong period in which the company generated US$271 million in revenue during the nine months to December, followed by a further US$144 million during the three months to March 2026.
Profit before tax stood at US$99 million for the nine months, and US$78 million for the quarter to March.
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Earnings before interest, taxes, depreciation and amortisation reached US$126 million and US$88 million, respectively.
MGR produced 3 255 kilogrammes of gold, equivalent to 104 626 ounces, over the 12 months to March 2026 despite operational challenges.
The average grade for the period was 1,37 grammes per tonne, while recovery rates averaged 83%. Management is targeting recoveries closer to 90% through ongoing investments aimed at improving processing efficiencies at Freda and Jena mines.
Maseva Shayawabaya said exploration remained central to the group’s long-term sustainability, particularly given the relatively short remaining life of some operations.
The company forecasts gold production of 3 400 kilogrammes, or 110 000 ounces, in the year to December 2026, supported by higher grades, improved recoveries and increased milling throughput at Freda and Jena.
At current gold prices of around US$4 100 per ounce, MGR projects revenue of about US$500 million and profit before tax of approximately US$200 million.
However, the company warned that recent weakness in gold prices poses a risk to earnings.
“The bearish gold market of late is a key downside risk to our revenue and margins,” the CEO said.
He added that management would continue focusing on areas within its control, particularly cost management, to cushion the business against market volatility.
“I am absolutely delighted that we have been able to declare a dividend to shareholders. Shareholders invest money to make money,” he said.
“It is my hope that this is the first of many times when we will be declaring dividends to our shareholders.”
MIF chief executive officer John Mangudya said the payout reflected the success of ongoing efforts to improve efficiency and profitability across the group’s mining assets.
“We are very pleased by the performance of Mutapa Gold Resources, achieving a profit of US$70 million and declaring a dividend of US$35 million in total. It’s very commendable, so we are very happy,” Mangudya said.
