By 
By Ross Moyo
Mutapa Investment Fund (MIF) Chief Executive Officer (CEO) Dr. John Panonetsa Mangudya has confirmed his Principal, President Emmerson Mnangagwa’s echoes that the government of Zimbabwe will Leverage its Sovereign Wealth Fund through its large mining stake.
In his State of the Nation address (SONA) to Parliament , President Mnangagwa said the Government will leverage Zimbabwe’s sovereign wealth fund to support the country’s development, mainly through exploitation of the country’s natural resources.
The Mutapa Investment Fund boss said, “The mining sector continues to attract favourable investment. Demand for new energy minerals is also growing with its associated opportunities for the country’s entry into the value chain industries,” he said.
“Mining houses in the gold and other precious minerals sector are called to scale up production. Assets under the sovereign wealth fund are envisioned to bolster performance and revenue from the mining and other sectors. The overarching goal is for the rich natural resource endowments of our beloved motherland to benefit all Zimbabweans,”said the former Reserve Bank of Zimbabwe Governor.
The Sovereign Wealth fund owns Zimbabwe’s largest Coal mine, Hwange Colliery Company, Defold Mine; National Oil Company of Zimbabwe; Cold Storage Company; Petrotrade; People’s Own Savings Bank; Zimbabwe Electricity Supply Authority (Zesa), the country’s power utility; Fidelity Gold Refinery; Homelink; and Arda Seeds. Other assets include the Zimbabwe Power Company; PowerTel Communications; Allied Timbers; Telecel, a mobile network operator; Industrial Development Corporation, a development finance institution.
Mutapa’s diverse portfolio includes Kuvimba Mining House, a mining conglomerate with holdings in gold, lithium, nickel and platinum which accounts for the bulk of earnings in mining; National Railways of Zimbabwe; Air Zimbabwe; TelOne, a telecommunication services provider; Cottco, a cotton marketing firm; and Zupco, the national public transport company.
MIF was established last year, overally as part of Government’s efforts to restructure its existing public investment assets and improve the management of State-owned enterprises. It was created through the rebranding and transformation of the Zimbabwe Sovereign Wealth Fund, which had been established earlier in 2014 but had not reached its full potential.
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