Online Reporter
Business Reporter
MUTAPA Gold Resources has appointed Mr Patrick Shayawabaya as chief executive officer following the resignation of Mr Trevor Barnard.
The company announced that Mr Barnard will step down effective May 1, 2026.
He has served as the CEO of MGR since its inception in February this year, having previously led Kuvimba Mining House (KMH), from where MGR was unbundled.
Mr Shayawabaya, who takes over the top post, was previously the company’s chief finance officer.
MGR has emerged as a dedicated gold-mining vertical under the Mutapa Investment Fund (MIF), the country’s sovereign wealth fund, following the Government’s decision to unbundle Kuvimba Mining House’s diversified holding structure.
The unbundling of KMH into commodity-specific units like MGR is designed to eliminate bureaucratic layers and allow for more focused technical management of Zimbabwe’s strategic gold assets.
As a cornerstone of the Mutapa Investment Fund’s “FIRE” strategy — which focuses on Fixing, Reviving and Extracting value from state entities — MGR now manages a high-value portfolio, including the flagship Freda Rebecca, Shamva and Jena mines.
The State-owned gold miner has unveiled an ambitious roadmap to triple its annual output to 300 000 ounces within the next six years.
To achieve this, MGR is currently executing a phased expansion strategy.
A key component of this growth involves transitioning several major operations from traditional underground mining to large-scale, low-cost open-cast mining.
In a letter to employees and stakeholders signed by board chairman Mr Charles Chikaura, the company said Mr Shayawabaya, previously MGR’s chief finance officer, had been appointed substantive chief executive.
“On behalf of the board, we would like to express our sincere appreciation to Trevor for his dedicated service and leadership during his tenure,” Mr Chikaura said.
“Trevor, who was previously Kuvimba Mining House CEO, played a significant role in strengthening KMH as well as MGR’s strategic direction, driving growth and overseeing key projects.”
No reason was given for Barnard’s resignation.
Zimbabwe’s sovereign wealth fund’s overall portfolio, which includes mining, is part of a US$16 billion total asset base, aiming to drive economic growth.
According to Mutapa chief investment officer Mr Simba Chinyemba, the sovereign wealth fund’s restructuring marked a fundamental reorganisation of Mutapa’s minerals cluster, transitioning from a broad holding structure to specialised entities aligned to global trends.
Announcing the unbundling in February, Mr Chinyemba noted: “The significant thing is the strategic shift for the Mutapa Investment Fund, specifically regarding our mineral resources cluster, as we unveil a comprehensive restructuring that transitions us from a broad holding model to specialised commodity-specific verticals.”
