HARARE – Zimbabwe’s sovereign wealth vehicle is dismantling its sprawling mining structure in favour of a commodity-by-commodity model, in a sweeping overhaul aimed at improving operational focus and attracting international capital.
The Mutapa Investment Fund (MIF), which now oversees the country’s state-owned enterprises, said it would reorganise its mining portfolio into separate mineral-specific businesses, beginning with a standalone gold company that will spearhead the transition.
Simbarashe Chinyemba, MIF’s chief investment officer, described the move as a decisive break from a complex holding structure that had evolved through layers of subsidiaries and minority stakes.
“We are unveiling a comprehensive restructuring that transitions us from a broad holding model to specialised mineral companies,” Chinyemba told journalists at a briefing in Harare hosted by Kuvimba Mining House (KMH), one of the fund’s key mining platforms.
Under the new structure, assets will be grouped into dedicated companies covering gold, platinum group metals, energy minerals such as lithium and nickel, and base metals. A fifth unit will focus on new acquisitions and frontier opportunities.
The divisions will be led by newly appointed executives: Trevor Barnard will head Mutapa Gold Resources; Godwin Gambiza will run Mutapa Base Metals; Innocent Rukweza will oversee Mutapa Energy Minerals; Munashe Shava will lead Mutapa Platinum Group; and a separate Mutapa Frontier unit will target growth deals.
Chinyemba said the previous arrangement — in which assets were held through entities such as KMH and a web of cross-holdings — had become unwieldy. “It was effectively a spider’s web,” he said. “We are rationalising this structure to create a more streamlined and efficient ownership model.”
He argued the shift mirrors global industry practice and is designed to address what he called the “conglomerate discount” that can weigh on diversified mining groups. “Diversified conglomerates often suffer from a loss of value because focus is diluted,” he said. “This structure allows technical and financial expertise to be aligned with the specific fundamentals of each mineral.”
The gold unit will be the first to be operationalised. Barnard, who also serves as KMH’s chief executive, said separating gold from other minerals would sharpen performance and improve access to funding.
“It’s now about absolute operational focus and efficiencies, and also being able to access funding more effectively,” he said. “When you have a gold company sitting on its own, investors are much more willing to back a clearly defined gold story.”
Barnard outlined an expansion drive centred on the Shamva project, where the group plans to develop a large open-cast operation processing about 2.5mn tonnes of ore a year, with projected output of roughly 80,000 ounces of gold annually. A second development at Jena Mine is expected to follow a similar trajectory.
“In general, our plan is to double our production in the next three to four years on the gold side,” Barnard said. “Once we achieve that scale, there will be further opportunities to grow.”
Beyond gold, Gambiza will oversee the base and bulk metals portfolio, which currently includes ferrochrome producer Zim Alloys, as the fund seeks to build clearer investment cases around each mineral stream.
MIF officials said the restructuring is subject to regulatory approvals but that the strategic direction has been settled. For Harare, the reorganisation is part of a broader effort to turn state mining assets into commercially driven entities capable of partnering with global investors at a time of intensifying competition for critical minerals.
“Clarity of purpose is our most important tool,” Chinyemba said. “This structure ensures our mining portfolio remains a resilient and efficient engine for Zimbabwe’s economic development.”
