Tinaye AgereOnline Reporter
PADENGA Holdings Limited has embarked on Phase 2 of its underground project at Pickstone Peerless Mine, with an investment of US$27 million.
This comes after the company poured US$22 million into the first phase of the project early last year.
The group, which also has interests in crocodile farming, intends to invest further in the Pre-Leach Thickener and Solar Project at the Eureka Mine in Guruve.
Padenga’s growing trail of investments is part of the group’s strategy in increasing gold production.
“The gold price outlook appears firm for the remainder of the year,” said Padenga company secretary, Mr Andrew Lorimer in the 2024 first quarter trading update.
“The Group has embarked on further capital expenditure at Pickstone Peerless Mine for Phase 2 of the underground project in line with the budget. Other projects earmarked for 2024 include the Pre-Leach Thickener and Solar Project at Eureka.”
In the three months to March, Padenga’s gold sales surged 39 percent to 751,6 kilogrammes. A total of 541,14 kgs was realised in the first quarter of last year.
Milled tonnes in the period were up seven percent to 457,440 metric tonnes, from the 427,702 recorded in the prior comparable period.
This performance was credited to optimised plant throughput at Eureka Mine, as well as the addition of a new mill at Pickstone Peerless Mine.
Online Reporter