Online Reporter
Nqobile Bhebhe, Zimpapers Business Hub
Padenga Gold Mining generated US$193 million in foreign currency earnings in 2024, contributing over US$15 million in taxes to the Government, according to its latest annual report.
The figures were disclosed by Padenga’s Chief Executive Officer, Mr James Beare, in the company’s third standalone sustainability report, which highlights the group’s commitment to environmental stewardship, social responsibility, and sustainable business practices.
“Our mines continued to make significant contributions to the Zimbabwean economy, generating US$193 million in foreign currency in 2024,” said Mr Beare.
“Our staff complement approached 1 900 people by the end of 2024 and staff costs and benefits amounted to US$34 million. Over US$15 million was paid to the Zimbabwean Government in the form of taxes, and we continued to support local suppliers, with 76 percent of our procurement spend in 2024 directed toward local businesses.”
Mr Beare emphasised the group’s commitment to sustainability, underpinned by principles of Environmental, Social, and Governance (ESG), a growing global framework that urges businesses to adopt eco-conscious and socially responsible practices.
ESG is still an emerging concept that encourages businesses to adopt environmentally friendly policies.
This approach contrasts sharply with traditional linear production and consumption models, which often prioritise short-term gains over long-term sustainability
Sustainability reporting has become a critical tool for businesses and investors worldwide. It is the disclosure and communication of environmental, social, and governance (ESG) goals, as well as a company’s progress towards them.
By disclosing ESG performance, companies demonstrate their commitment to ethical business practices, risk management, and long-term financial health.
The CEO acknowledged the importance of building strong ties with host communities and local authorities.
“The group acknowledges the importance of maintaining respectful and mutually beneficial relationships with host communities and local Government, understanding the critical role they play in the success of our operations.”
“In line with this, ongoing engagements are held with our community stakeholders to determine the most effective way to address their needs. As a result, we invested a total of US$952 000 on both production and non-production related community investment initiatives to support community needs and mitigate any adverse impacts associated with our operations.”
Mr Beare also indicated efforts made to uphold international standards during land acquisitions for mine expansion.
“Although extensive land acquisition activities were conducted in 2024 at Eureka Mine to facilitate mine expansion activities, living conditions for displaced community members were improved.
“Of the total amount invested in our host communities, close to US$600 000 was spent to ensure that resettlement was carried out in line with the International Finance Corporation (IFC) Performance Standard 5 for Land Acquisition and Involuntary Resettlement.
“The remainder of our community initiatives were related to education, healthcare, water and sanitation, and social empowerment.”
Padenga Gold Mining’s strong performance and commitment to ESG principles signal a growing alignment between commercial success and ethical, sustainable business practices in Zimbabwe’s extractive sector.
Bongani Ndlovu