State-owned miner Mutapa Gold Resources (MGR) has reported a massive 200 percent surge in profitability, with its profit after tax tripling to US$156 million for the nine months ended September 30, 2026, driven by higher ore grades and a sustained global gold bull run.
The financial performance, unveiled by Chief Executive Officer Patrick Maseva-Shayawabaya during a media briefing in the capital yesterday, marks a significant jump from the US$52 million recorded during the same period last year.
Driven by an average realized gold price of US$4,487 per ounce, up from US$3,179 per ounce in 2025, MGR’s consolidated revenue scaled 63 percent to US$402 million.
Meanwhile, Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) surged to US$231 million from US$99 million.
Total gold production for the nine-month period grew 16 percent to 89,639 ounces, anchored by a resilient third quarter which yielded 30,116 ounces.
The quarterly volume increase was achieved despite a 6 percent drop in total ore milled, which fell to 713,000 tonnes.
Operational disruptions were primarily caused by a scheduled 23-day shutdown of Mill Number 1 at the cornerstone Freda Rebecca Gold Mine in August to facilitate a critical mill shell replacement.
Management confirmed that the plant downtime was entirely mitigated by the processing of higher-grade ore and the prevailing buoyant commodity prices.
Despite the record cash generation, the state miner faced compounding macroeconomic and operational headwinds. Group All-In Sustaining Costs (AISC) crept up by 13 percent to US$2,337 per ounce, bloated by aggressive capital injections into “stay-in-business” infrastructure projects.
Concurrently, the company’s fiscal obligations intensified, with its quarterly tax bill tripling to US$15 million against US$5 million in the prior comparative window.
Backed by the balance sheet expansion, MGR has declared and paid an interim dividend of US$35 million to its sole shareholder, the Mutapa Investment Fund. Looking ahead, Maseva-Shayawabaya announced that the group is fully funding its multi-million-dollar capital project pipeline targeted at doubling MGR’s annual output over the medium term.
“We have finalized a US$75 million syndicated banking facility with local financial institutions to anchor the upcoming groundbreaking at the Shamva Hill Open-Pit project next month,” Maseva-Shayawabaya said.
The group is also scheduled to deploy capital into technical upgrades at Jena Mines during the fourth quarter of 2026, aimed at systematically pushing that asset’s production ceiling toward 40,000 ounces per annum. 
