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Zimbabwe’s gold sector is set for a high-stakes showdown as two of the country’s top bullion producers, Caledonia Mining Corporation Plc and Padenga Holdings Limited, the parent company of Dallaglio Investments, go head-to-head at the upcoming Financial Markets Indaba Capital Markets Awards, Mining Zimbabwe can report.
By Ryan Chigoche
The awards, scheduled for 11 December in Harare, will see the gold miners (both listed on the Victoria Falls Stock Exchange) compete for the coveted “Best Performing Listed Company of the Year,” with emerging real estate giant Tigere Property Fund also in the mix for the top award.
According to African Financials, Caledonia shares as of 14 November 2025 were listed at 3,300 cents (US$33.00), with a 52-week range of 1,595 to 3,300 cents and a 12-month increase of 106.25 per cent. Padenga, meanwhile, was quoted at 58.77 cents (US $0.5877), with a 52-week range of 18.00 to 58.77 cents and a 12-month gain of 217.68 per cent.
These numbers underscore the investor confidence both companies have garnered this year, making them strong contenders for the awards.
However, it is important to note that the wide gap in share prices reflects the different number of shares each company has issued, rather than their relative size or value. Caledonia has a smaller number of shares, so each one carries a higher price, while Padenga has a larger share base, which keeps individual share prices low.
Operationally, both companies have delivered robust results up to the third quarter. Caledonia produced 58,846 ounces of gold at its flagship Blanket Mine, while Padenga’s Dallaglio operations produced 1,909 kg, equivalent to 61,382 ounces. The global rally in gold prices has further amplified their market performance, boosting revenues and keeping investor attention firmly on Zimbabwean gold counters.
Global gold prices have provided a timely boost. The 2025 rally has lifted bullion to levels unseen in years, providing both companies with stronger revenue streams and improved cash flows. For investors on the VFEX, the surge has made Caledonia and Padenga particularly attractive, reinforcing their positions as market favourites.
As the December awards draw closer, the spotlight will be on which company can combine strong production, market confidence, and operational excellence to claim the top honour.
For Padenga, it is a chance to showcase its rapid growth; for Caledonia, it is a test of its ability to deliver steady returns while navigating a volatile market.
In a year defined by soaring gold prices and renewed investor interest, the battle for the Capital Markets Awards promises to be as glittering as the precious metal that drives it.
