Padenga to commission pre-leach thickener before year-end

CLOUDINE MATOLA

Padenga Holdings, a diversified, publicly traded company, is on track to commission a pre-leach thickener at its Eureka Mine in the Guruve district of Mashonaland Central before the end of the year, Business Times can confirm.

The development was confirmed by company secretary Andrew Lorimer, who confirmed that the construction of the thickener is progressing according to schedule and within the allocated budget.

“The pre-leach thickener under construction at Eureka Mine is progressing on schedule and within budget, with expected commissioning in the final quarter of the current year,” Lorimer said.

Lorimer further stated that the Eureka Mine continues to perform well, making a substantial contribution to the company’s overall gold production.

“Eureka Mine is operating well and consistently meeting or surpassing its production targets and making a steady contribution to the company’s overall gold production volumes. This, coupled with the elevated gold prices means the business is set to surpass its operational and financial targets for the year,” he said.

Lorimer also said the management is also focused on enhancing ore grade, reducing operating costs, and improving recovery rates as part of its ongoing operational optimization efforts.

Additionally, Padenga’s other mining subsidiary, Dallaglio, has seen a positive performance trend driven by increased gold production and strong gold prices. The company anticipates that the current favorable price environment will persist into 2025.

Dallaglio is also prioritizing the successful execution of its underground development project at the Pickstone Peerless mine, aimed at reducing the cost per ounce of gold and capitalizing on elevated gold prices.

For the nine-month period ending September 2024, Dallaglio’s gold sales grew by 22%, reaching 2,025 kg compared to 1,665 kg in the prior year. This growth was primarily attributed to higher mill feed grades and improved recovery rates. Furthermore, increased milled tonnage was driven by the installation of a new mill at the Pickstone Peerless mine and enhanced plant throughput at Eureka Mine.

Padenga also confirmed that open-pit mining operations at the Pickstone Peerless mine will cease by the end of this year, with the company focusing exclusively on underground mining operations moving forward.