Breaking News : Mutapa assets hit USD 16.5 billion

The Mutapa Investment Fund (MIF), has grown its asset base to USD 16.5 billion, consolidating its position as one of Africa’s largest sovereign wealth funds and signalling a major step in the country’s efforts to build and preserve national wealth.

Presenting the Fund’s audited financial results for the year ended 31 December 2025, Chief Executive officer Dr John Mangudya said the milestone reflects the rapid consolidation of Government-owned commercial assets under a single investment vehicle and the strengthening of valuation and governance frameworks since the Fund’s operationalisation.

The growth shows the increasing strategic importance of MIF as a central pillar in Zimbabwe’s economic transformation agenda, with the Fund now playing a key role in managing State assets, attracting investment and driving long-term value creation.

“We have seen significant value growth in our mining portfolio as a result of the increased commodity prices.

“Another driver for the valuation gains was the value of land and buildings.

“The valuation of assets is central to our mandate as a custodian of national wealth, and this outcome reflects the maturation of the comprehensive valuation framework established by the Fund following its establishment in September 2023.

“Total assets closed the year at a value of US$16.5 billion from the US$14.9 billion position in 2024, strengthened by our core investment in subsidiaries amounting to US$16.2 billion and supported by an expanded loan book and growing marketable securities portfolio,” said Dr Mangudya.

During the year under review, the Fund focused on consolidating its operations and strengthening institutional systems under its FIRE (Fix, Invigorate, Reinforce and Extract) strategy, which is aligned with the National Development Strategy 2 and Vision 2030.

At a financial level, MIF recorded a surplus after tax of USD 21.7 million, a significant improvement from USD 3.6 million in 2024, supported by dividend income of USD 23.3 million and management and advisory fees of US$26. 6 million from investee companies.

Total comprehensive income rose sharply to USD 1. 4 billion, largely driven by fair value gains across the Fund’s asset portfolio.

The gains were mainly attributed to stronger global commodity prices, which boosted the valuation of mining assets, as well as increased valuations of land and buildings within the portfolio.

Funds and reserves increased to USD 15. 2 billion, reflecting a stronger capital base that enhances the Fund’s capacity to finance future investments and absorb potential shocks.

Dr Mangudya said 2025 marked a transition from initial diagnostic assessments to structured interventions across the Fund’s portfolio, with emphasis placed on improving governance, stabilising operations and preserving asset value.

MIF’s portfolio spans key sectors of the economy, including mining, energy, infrastructure, telecommunications, agriculture, logistics, financial services and real estate, many of which require restructuring and long-term capital support.

During the year, the Fund prioritised strengthening oversight of portfolio companies, enhancing accountability frameworks and facilitating recapitalisation and strategic partnerships where necessary.

A major development was the restructuring of the Fund’s mining assets into commodity-focused subsidiaries covering gold, platinum group metals, base metals, energy, agro-minerals, frontier resources and technology metals.

The move is expected to improve operational efficiency, transparency and investor appeal, aligning Zimbabwe’s mineral asset management with international best practice.