Padenga gold production increases 12 percent
Gold production by diversified Victoria Falls Stock Exchange listed company Padenga Holdings Limited, increased by 12 per cent during the nine months to 30 September 2023 compared to the same period last year due to an increase in tonnes milled and mill feed grade, the company announced through a trading update for the third quarter (FY2023).
Padenga recently acquired 100 per cent ownership in gold-focused mining company Dallaglio Holdings which owns Pickstone Peerless Mine and Eureka Gold Mine which is one of the largest and most technologically advanced mines in Zimbabwe.
According to Padenga Holdings Limited’s trade update for the third quarter (FY2023), gold production during the period 1 January to 30 September 2023 stood at over 1.6 tonnes compared to under 1.5 tonnes produced during the same period last year.
The trading update stated that tonnes milled increased by 5 per cent during the nine months due to positive plant throughput at Eureka Mine and a new mill at Pickstone Peerless Mine. The mill feed grade also increased by 6 per cent due to the coming in of the Pickstone underground project.
“Gold sales in the nine months to 30 September rose by 12% in comparison to the same period last year (1 664.8 kgs vs 1 480 kgs). This was achieved on the back of an increase in tonnes milled and mill feed grade. The tonnes milled increased by 5% to 1 332 973 Mt from 1 267 421 mt recorded for the nine months to 30 September 2022. This was due to positive in plant throughput at Eureka Mine, achieved through optimization as well as the addition of a new mill at Pickstone Peerless Mine. Mill feed grade also registered a 6% increase (1.42g/Mt vs 1.34/mt).
“The Picksone underground project was completed at the end of August 2023, with commercial hoisting of ore commencing in September 2023,” the trade update reads in part.
According to the trading update, underground operations at Pickstone will increase gold output for the group.
“Production out of the Pickstone underground operation is set to increase gold output for the group. Management’s priority is to ensure a smooth ramp-up of underground operations by the end of the financial year. The gold Outlook appears firm for the remainder of the year with prices having recovered after the reporting date,” the trade update reads.