Mutapa Investment Fund Restructures Mining Portfolio Into Commodity-Based Units

Kuvimba Mining House executive briefing on new mining structure

The Mutapa Investment Fund (MIF) has announced a sweeping restructuring of its mining portfolio, abandoning a centralised holding-company model in favour of streamlined, commodity-based mining units aimed at improving efficiency, capital discipline, and operational focus.

Under the new structure, mining assets previously housed across multiple entities including Kuvimba Mining House, Defold Investments, and various minority shareholdings will now be consolidated into specialised verticals based on the minerals they produce. The move marks one of the most significant reorganisations of state-linked mining assets in recent years.

The restructuring creates five distinct mining units:

• Mutapa Gold Resources, led by Trevor Barnard

• Mutapa Base Metals, headed by Godwin Gambiza

• Mutapa Energy Minerals, under Innocent Rukweza

• Mutapa Platinum Group, led by Munashe Shava

• Mutapa Frontier, a new unit focused on greenfield investments and acquisitions, with leadership yet to be announced

The changes were outlined on Wednesday at a press briefing by Kuvimba Mining House chief investment officer and MIF executive Simbarashe Chinyemba, who said the new structure was designed to unlock value by aligning management, capital allocation, and technical expertise with the unique dynamics of each mineral.

“We are transitioning from a broad holding model to specialised commodity-specific verticals,” Chinyemba said.“This allows us to remove administrative layers, sharpen technical focus, and align capital allocation to the specific dynamics of each mineral.”

Chinyemba said the shift would flatten management hierarchies, enabling faster decision-making in response to commodity price volatility and operational challenges.

“This new structure allows us to calibrate capital allocation and technical oversight to the specific cycles of each commodity.“By moving to these commodity-specific vehicles, we are ensuring that our technical expertise is tightly focused on the unique fundamentals of each mineral.”

The restructuring reflects a broader trend in the global mining industry, where diversified holding models are increasingly being replaced by focused operating units that allow for clearer accountability, stronger performance measurement, and targeted investment strategies.

MIF was established by the government to consolidate state-owned and state-linked assets, improve operational efficiency, and generate sustainable revenue for the fiscus. The fund has faced pressure to improve transparency, returns, and governance across its portfolio, particularly in capital-intensive sectors such as mining.

Analysts say the success of the new structure will depend on execution, governance discipline, and the ability of the individual units to attract capital and technical skills while operating in Zimbabwe’s challenging economic environment. If implemented effectively, the commodity-based model could position Mutapa’s mining assets to better respond to global market shifts, optimise production, and improve long-term value creation for the state.

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