Padenga Resurrected

Staff Reporter.

Increase and positive changes at Pickstone Mine is expected to give an air of breath to Padenga Holdings as gold production volumes have remained stable and better quality in the second quarter of the year 2023.

Thembinkosi Sibanda, Padenga Board Chairman confirmed the increased output of the yellow metal in his trading update for the third quarter ended March 31 2023.

Sibanda said the sales volume for the quarter had increased by 19 percent giving a total of 514 from the previous 453kg in 2022.

“The international gold spot price has continued to stand firm since end of the first quarter and expected to remain constant for the remainder of 2023,” Sibanda said.

The group’s Eureka Mine has achieved 10 percent rise compared to the first quarter of 2022, as a result of continuous process optimization, while an improvement in grade was achieved on the back of geological work conducted in 2022.

Padenga’s Nile crocodile operations recorded 45 percent increase in skin harvest volumes during the period under review compared to the prior period, as strategies to improve skin quality are bearing fruits.

Interestingly a decision was made to extend the production season to end of February annually to incorporate the full summer period and will contribute towards finishing skins to the increased quality standards demanded by the market.

Sibanda added that the crocodile operation continues with its initiatives to produce high-quality skin that are consistent with premium market expectations. Padenga is currently focusing on the rehabilitation of the crocodile pens, critical measure for improved skin quality.

Zimbabwe is contributing over 40 percent of the crocodile skin globally.