daniel chigunwe
Business Writer
Victoria Falls Stock Exchange-listed Padenga Holdings increased its crocodile skin harvest volume by 3 percent to 24,813 in the nine months to September 30, 2024.
In a trading update for the period under review, Padenga said skin quality and production volumes continued to be in line with set targets.
Last year in the same period, crocodile skin harvest volumes were 24 115.
Padenga revealed that although skin harvest volumes increased during the period under review, sales were 30 percent behind the 30 586 achieved in the comparable period in 2023.
“Skin sales were 30 percent below the 30 586 skins sold over the same period last year. Premium skin sales were in line with both prior year and targets set at the beginning of the year.
“However, total sales volume was negatively impacted by a decrease in the uptake by other customers due to a weakening of this segment of the market relative to prior year,” said Padenga.
Meanwhile, in the nine months to September 30, 2024, Padenga’s gold sales from Dallaglio Investments, the group’s mining division rose by 22 percent to 2 025 kilogrammes with the volume growth driven by increases in mill feed grades and recoveries.
The group is presently undergoing a strategic transformation, with its mining operations emerging as the primary growth engine.
In the corresponding period last year, Padenga’s gold sales stood at 1 665kg.
“Dallaglio’s gold sales for the nine months ended September 30, 2024 increased by 22 percent to 2 025kg from 1 665kg recorded in the prior period with the volume growth underpinned by increases in mill feed grades and recoveries.
“Average mill feed grades increased by 6 percent to 1,51 grammes per tonne from 1,42g/t in the prior period mainly driven by Eureka Mine which is in line with the expected evolution of the open pit resource,” it said.
The group achieved milled tonnage improvement as a result of the addition of a new mill at Pickstone Peerless Mine in Kadoma, coupled with optimised plant throughput at Eureka.
The average plant recoveries rose by two percentage points from 89 percent to 91 percent for the current period enhanced by the transition to processing more underground ore at Pickstone.
“Open pit mining at Pickstone Peerless Mine will ease before the end of the current year and operation will focus on underground mining going forward.”
Dallaglio’s performance to date has been spurred by improved gold output, supported by favourable prices of the yellow metal, with the outlook pointing to the current firm prices into next year.
At present, gold on the international market is trading at above USD2 500 per ounce (oz) and going forward into next year the yellow metal is seen trading at around USD2 900 per oz.
Bongani Ndlovu