HARARE – Trevor Barnard, who led Zimbabwe’s state-owned gold mining company through its establishment as a standalone entity just months ago, has resigned as chief executive officer, the company’s board announced.
Barnard’s departure comes barely three months after Mutapa Gold Resources (MGR) was formally launched in February as the first of several mineral-specific companies carved out of the Mutapa Investment Fund’s mining portfolio in a sweeping restructuring that wound down Kuvimba Mining House.
In a letter to employees and stakeholders signed by board chairman Charles Chikaura, the company said Patrick Maseva-Shayawabaya, previously MGR’s chief finance officer and the KMH head of gold cluster, 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,” Chikaura wrote.
“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.
Barnard was the public face of MGR’s ambitious growth plans when the company was unveiled at a Harare briefing in February. He had outlined a target to more than double gold production over three to four years, anchored by the development of a large open-cast mine at Shamva with throughput of around 2.5 million tonnes per annum, yielding approximately 80,000 ounces of gold annually.
A second mine, Jena, was to follow through a similar development cycle.
He also argued at the time that separating gold from other minerals would make the portfolio more attractive to financiers.
“When you have a gold company sitting on its own, people are much more willing to invest specifically in a gold company,” he said.
The board expressed confidence in Maseva-Shayawabaya, saying he was “well-suited to take the company forward” and pledging full support for his leadership.
The Mutapa Investment Fund restructuring, announced on February 5, created five mining units from KMH’s assets: MGR for gold, Mutapa Base Metals under Godwin Gambiza, Mutapa Energy Minerals under Innocent Rukweza, Mutapa Platinum Group under Munashe Shava, and Mutapa Frontier for new acquisitions.
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