Padenga hunts for new gold mines
… as profits surge on bullion rally
CLOUDINE MATOLA
Publicly traded Padenga Holdings Limited is intensifying its expansion drive in Zimbabwe’s gold sector, targeting additional mining assets as the group seeks to scale up production and deepen its resource base, Business Times can report.
The strategy marks a further pivot by the diversified group toward mining, even as it works to stabilise its legacy crocodile business.
Chief financial officer Oliver Kamundimu said the group was actively pursuing new opportunities to strengthen output from its existing portfolio while scouting for acquisitions.
“The group will solidify mining opportunities in the current claims and grow production from both mining assets. We are also looking for other mining opportunities in Zimbabwe,” Kamundimu said.
He added that the focus is now shifting toward improving cash generation across the business while restoring profitability in the crocodile division, which has undergone a recent right-sizing exercise aimed at improving efficiency.
The expansion push comes on the back of a strong financial performance in 2025, supported by elevated global gold prices.
Revenue rose 26% to US$265,82m from US$211,36m in 2024, driven largely by firm bullion prices.
Cash generated from operating activities surged 84% to US$110,18m, up from US$60m in the prior year.
Profit before tax from continuing operations more than doubled, increasing 114% to US$93,88m from US$43,79m in 2024, while EBITDA climbed 72% to US$113,03m from US$65,55m, reflecting stronger margins and improved operational efficiencies.
The group has also stepped up reinvestment into exploration, allocating US$17m to expand its geological work and strengthen its resource pipeline.
The mining unit, operated through Dallaglio Investments, has expanded its geology team and plans an accelerated drilling programme in 2026 aimed at upgrading resource confidence and unlocking new reserves on existing claims.
Padenga said drilling will be intensified at key assets, including areas previously unmined at Pickstone while underground development below Level 10 is also under planning.
The group’s dual-track strategy,expanding gold output while restructuring its crocodile operations, underscores its transformation into a more mining-weighted business, as it seeks to capitalise on sustained strength in global precious metal markets.
