KEY POINTS

• Gold prospecting in Eswatini begins under a new license.
• King Mswati III strengthens control over key mineral assets.
• Tibiyo fund remains central to Eswatini’s economic structure.

Eswatini has opened the door to fresh mineral exploration after King Mswati III approved a new gold-prospecting license in the country’s northern highlands.

The authorization, issued through the Minerals Management Board, hands Eswatini Ventures (Pty) Ltd. permission to carry out early-stage drilling and geological tests in Hhohho.

Exploration Begins in 2026

The prospecting zone sits at Horo, Mvembili, an area long rumored to hold small pockets of mineral potential. Officials signed the agreement in Mbabane during a brief ceremony attended by executives from the company and advisers to the monarchy.

Musa Magagula, a director at Eswatini Ventures, said the license covers exploration only, with no approval yet for commercial mining. He said field work will begin in March 2026 after technical mapping, environmental reviews and consultations with affected communities.

“Prospecting will involve experimental drilling and excavation to determine whether the deposits can support commercial mining,” he said. Regulators will monitor compliance with environmental standards as the study progresses.

Royal Fund Dominates Commercial Landscape

The project adds to a long list of strategic assets tied to King Mswati III, who remains Africa’s last absolute monarch and one of the region’s most influential economic actors. His financial reach runs through Tibiyo TakaNgwane, a sovereign wealth fund created at independence in 1968 by his father, King Sobhuza II.

According to Billionaires Africa, Tibiyo holds controlling stakes across major industries, with assets estimated at more than $150 million. Its largest agricultural holding is the Royal Eswatini Sugar Corporation, which employs about 3,500 people and produces two-thirds of the country’s sugar. The fund also owns ethanol plants linked to the sugar estates.

In hospitality, Tibiyo controls Swazi Spa Holdings operator of the Sun International resorts and Tibiyo Leisure Resorts, owner of The Royal Villas in Ezulwini. Beverage investments extend through joint ventures with SAB Miller Africa and Coca-Cola Beverages Eswatini. The fund also owns the Eswatini Observer newspaper group, giving it significant influence over media narratives.

Mining, Finance and the Monarchy’s Economic Power

Tibiyo’s mining footprint includes Maloma Colliery, a key supplier of anthracite coal to South Africa’s steel and metallurgical industries. It also controls financial services arms such as Fincorp, now a hybrid retail and development lender, and the Tibiyo Insurance Group, which provides insurance and pension-fund administration.

These holdings make Tibiyo the most powerful economic institution in the country a structure critics say has kept wealth concentrated within the royal orbit while limiting public oversight. Supporters argue the fund stabilizes the economy and preserves national industries that might otherwise collapse without state backing.

For now, the newly approved gold study signals another attempt to test the country’s mineral potential. Whether the Hhohho site yields commercially viable deposits remains uncertain. What is clear is that the monarchy will remain central to how the sector develops and who ultimately benefits from whatever lies beneath Eswatini’s soil.