Zimbabwean state-owned Mutapa Platinum Group has obtained US$100 million ($143.6 million) to begin development on its US$500 million Darwendale Platinum Project, Bloomberg reports.
Civil works on the open-pit mine, located roughly 62km west of Harare in Zimbabwe’s Mashonaland West province, commenced following financial close at the end of last month (September 2026). This was confirmed by Mutapa Gold CEO Patrick Maseva-Shayawabaya via an interview at Harare.
Holding an estimated 44 million ounces (Moz) of platinum group metals, Darwendale is projected to have an operational lifespan of seven to 10 years. Total capex remains under estimation.
The milestone follows efforts by Mutapa Platinum Group to secure mining partners since the start of the year.
In a February interview, Mutapa Platinum Group CEO Munashe Shava shared that Mutapa applied a ‘collaborative’ approach to Darwendale’s development.
“We are looking at other producers or other miners who are already in the game to try and see how to collaborate with them to fast-track the development,” Shava said.
In May, Zimbabwe’s sovereign wealth fund, the Mutapa Investment Fund — which controls Mutapa Platinum Group — also disclosed plans to source US$250 million to expand its gold footprint.
The fund holds Mutapa Gold Resources, which encompasses five concessions covering roughly 52,000 hectares.
Mutapa Deputy Chief Investment Officer Ernest Denhere said the fund has initiated talks with domestic financial institutions to secure an initial US$75 million in local debt as a first step toward the overall target.
Write to Paula Fabe at Mining.com.au
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