Mutapa Gold locks in US$125m local syndicated loan for Shamva Hill

State-owned Mutapa Gold Resources secured a US$125 million syndicated loan from eight local banks to develop the Shamva Hill Project, a rare large-scale domestic financing deal in a liquidity-strapped economy. The banking syndicate, led by CBZ and Ecobank with US$25 million each, also includes CABS, ZB, NMB, FBC, First Capital, and Nedbank. The transaction tests the local financial sector’s capacity to fund sovereign mining ventures amid currency volatility and persistent capital constraints.