Mutapa Fund's mining royalties still uncertain as law awaits amendment

The Mutapa Investment Fund's financial statements have highlighted uncertainty over the recognition of mining royalties owed to the Fund under section 14 of the Sovereign Wealth Fund Act.

Grant Thornton drew attention to the pending amendment of section 14(1)(a), which governs royalties from minerals earmarked for the Fund. The auditors said the issue remains unresolved and affects how royalties should be recognised.

The matter was disclosed in Note 32 of the financial statements, indicating that the legal framework governing Mutapa's entitlement to mineral royalties is still under review.

The Fund, which now controls dozens of state‑owned enterprises, is expected to play a major role in managing mineral‑based revenues once the legislative amendments are finalised.