Published: 30 September 2025

The Mutapa Investment Fund (MIF) is seeking regulatory approval to issue a fertiliser bond to raise working capital for companies under Chemplex Corporation, the state-owned fertiliser and chemicals group.

MIF's head of the Agriculture and Industrials Cluster, Mr Tatenda Chimusoro, revealed the initiative during a Parliamentary Portfolio Committee on Industry and Commerce tour of fertiliser plants last week. The committee is chaired by Zaka South legislator Cde Clemence Chiduwa.

"We are putting a structure that we have approved for Chemplex, for them to access US$25 million for the self-regressive plant and also for them to complete the granulator. At the same time, we are in the process of getting approvals from the Insurance and Pensions Commission and the Ministry of Finance for issuing the fertiliser bond for the whole group of companies within Chemplex," Chimusoro said.

Chemplex subsidiaries include Zimbabwe Phosphates (ZimPhos), Dorowa Minerals, the Zimbabwe Fertiliser Company (ZFC) and Sable Chemicals. Chemplex is owned by the Industrial Development Corporation, which now falls under MIF.

Chimusoro added that the fund is restructuring Chemplex and has engaged consultants to spearhead the process. "We have a term sheet with Afreximbank for US$20 million  -  US$15 million for ZimPhos, US$3 million for ZFC and the remainder for Chemplex Marketing," he said.

Looking ahead, MIF is working with Afreximbank on feasibility studies to transform Dorowa Minerals into a regional fertiliser production hub. "In the medium term, it is our hope that the Dorowa plant will be up and running. We are managing it closely and working with the new management to ensure progress," he added.

Zimbabwe has a combined fertiliser production capacity of 1.5 million tonnes, but currently operates at only 20% due to funding challenges and shortages of key inputs such as potash and sulphuric acid. As a result, the country imports about 75% of its fertiliser requirements.

The fertiliser industry is considered critical to agriculture, which contributes about 12% to Zimbabwe's gross domestic product.
- The Herald

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