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King Mswati III, Africa’s last absolute monarch, has authorized a local mining company to explore potential gold deposits in northern Hhohho. The Minerals Management Board (MMB), which advises the king on mineral rights, issued the license to Eswatini Ventures (PTY) LTD, allowing the company to conduct a preliminary study of the area.
Gold prospecting gets green light
The prospecting site is located at Horo, Mvembili, in the Hhohho Region. Officials confirmed the agreement was signed during a short ceremony at Rambla’s in Mbabane. Eswatini Ventures Director Musa Magagula said the license permits gold exploration only at this stage.
“Prospecting will involve experimental drilling and excavation to determine whether the deposits can support commercial mining,” Magagula said. He added that operations are scheduled to start in March 2026, following preparatory work such as technical mapping and consultations with local communities. Environmental authorities will assess the land to ensure compliance with management standards and sustainable use practices.
King Mswati’s fund controls major businesses
King Mswati III exercises significant influence through Tibiyo TakaNgwane, a sovereign wealth fund established under royal charter by his predecessor, King Sobhuza II, at the time of Eswatini’s independence in 1968. Tibiyo holds major stakes in many of the country’s profitable businesses, with critics noting that much of the revenue has indirectly supported the royal household. Its reported assets exceed $150 million.
Tibiyo’s holdings span multiple sectors. In agriculture, it controls a 53.1 percent stake in the Royal Eswatini Sugar Corporation, which employs 3,500 people and produces two-thirds of the nation’s sugar along with ethanol. In hospitality, Tibiyo owns Swazi Spa Holdings Limited, managing Sun International hotel and casino resorts, and Tibiyo Leisure Resorts (Pty) Ltd., which operates The Royal Villas in Ezulwini Valley. In beverages, partnerships with SAB Miller Africa BV and Coca-Cola Beverages Eswatini extend the fund’s reach across the region. Tibiyo also owns the Eswatini Observer newspapers.
Monarchy maintains central economic role
The fund has a presence in mining and finance as well. Maloma Colliery Limited produces anthracite coal for South Africa’s metallurgical industry. Fincorp, initially a wholesale lender, now offers retail and development finance. Tibiyo Insurance Group and Eswatini Employee Benefit Consultants (Pty) Ltd. provide insurance and retirement fund administration.
King Mswati III maintains a central role in Eswatini’s economy thanks to these investments. Tibiyo TakaNgwane is the country's and the monarchy's financial backbone. The new gold prospecting project is part of the kingdom's ongoing efforts to assess its mineral resources while keeping an eye on how they affect the environment and the community.
