Zimbabwe's largest gold producer is aiming for a dramatic surge from $4.61 billion

Zimbabwe’s state gold miner, Mutapa Gold Resources, has set the ambitious target of doubling its gold production by 2029.

By current estimates, this denotes that the Southern African country would be producing more than 400,000 ounces of gold annually, given its current output of 220,000 ​ounces.

The state gold miner made its intentions public after production figures provided to reporters on Friday indicated that the country had received funds for an expansion project.

According to reports, the state gold miner, which stands as the largest gold producer in the nation, produced 104,626 ounces in the fiscal year ending March 31.

This represents a 10% decrease from the previous year, mostly resulting from lower grades, as seen on Reuters.