Padenga’s Gold Business Revenue Surges 43%

Oscar J. Jeke- Zim Now Reporter

Padenga Holdings' gold mining subsidiary, Dallaglio, reported a 43% surge in group revenue to US$223 million in 2024, driven by a 17% increase in gold output and stronger gold prices.

The mining division now accounts for 86% of Padenga’s total revenue, reinforcing its dominance in the company’s operations.

The boost in production comes as Padenga continues its aggressive capital investment in its two gold mines: Eureka in Guruve and Pickstone near Chegutu. In 2024 alone, the company invested US$20 million in mining operations, with an additional US$28.5 million planned for 2025 to support further expansion.

Since 2019, Padenga has invested US$107 million into its mining assets, enabling increased efficiencies and deeper exploration. The Pickstone underground mine, a key driver of growth, will receive US$13 million in 2025 for underground shafts and haulage equipment.

Production figures indicate a strong upward trajectory. At Eureka Mine, output rose by 12%, while Pickstone recorded a 29% increase, contributing to the overall 17% rise in gold production.

With these investments, Padenga anticipates further production growth from FY2026 as deeper mining operations unlock new reserves.

Higher global gold prices have further bolstered Padenga’s financial performance, solidifying the company’s revenue growth.