The Mutapa Gold Resources (MGR) says it has set aside more than US$12 million for exploration activities this year as it pushes to extend the lifespan of its gold mining operations to at least 10 years.

This was said by Mutapa Investment Fund deputy Chief Investments Officer Ernest Denhere during a visit by the Parliamentary Public Accounts Committee to Freda Rebecca Gold Mine Monday.

Denhere said the state-owned mining group was ramping up geological exploration programmes to unlock new mineral resources and secure future production.

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"We are expanding geological programmes to unlock new resources, extend the life of our assets and de-risk future production.

"For 2026, a capital budget in excess of US$12 million has been allocated for exploration across Mutapa Gold Resources entities aiming to achieve a life of mine of 10 years for each operation," Denhere said.

The developments come as government intensifies efforts to grow mineral output and promote value addition in the mining sector, which remains one of Zimbabwe's top foreign currency earners.

Denhere revealed that Mutapa Gold Resources would require around US$250 million for long-term mine expansion projects, with the entity already pursuing a US$75 million local debt syndication facility as an initial funding step.

"Mutapa Gold Resources requires about US$250 million for life of mine expansion and we are currently working on a local debt syndication of US$75 million as a start," he said.

He added that the company was also focusing on strengthening local mineral processing and refining as part of government's beneficiation drive.

"MGR is committed to moving up the value chain by strengthening local processing, refining and downstream linkages," he said.