Zimbabwe's Padenga H1 Gold Output Rises to 1,345 kg

en.Wedoany.com Reported - Padenga Holdings released its 2026 half-year results. Its mining subsidiary Dallaglio Investments achieved gold output of 1,345 kg in the first half, up 4% year on year; gold sales rose to 43,228 oz. The realized average gold selling price rose to US$4,668/oz from US$3,106/oz in the same period last year, driving mining segment revenue up 48% year on year to US$182.34 million. Group profit before tax reached US$107.31 million, up 161% year on year.

Output growth mainly came from the Eureka gold mine. In the first half, the mine increased gold output by raising head grade and throughput, while completing 12,495 m of drilling focused on verifying the down-dip extension of the orebody and the continuity of shallow resources. The company is also advancing the upgrade of the Eureka ore processing system, of which the gravity separation system upgrade is scheduled to be commissioned in September, and the cyclone cluster upgrade is scheduled for completion in November, to remove the existing grinding throughput bottleneck.

The Pickstone Peerless gold mine completed 17,351 m of surface and underground drilling during the same period for resource conversion and subsequent mining plans. The underground Phase 3 expansion continues, with the remaining ore discharge handling facilities at the 10.5 level loading station and the Burnett shaft upgrade scheduled for completion in the third quarter; the underground Phase 4 project is targeted for completion in the second quarter of 2027 to extend the existing underground mining scope.

Dallaglio's full-year gold output in 2025 was 2,564 kg, down 3% year on year, mainly affected by Pickstone's transition from open-pit to underground mining. Output returned to growth in the first half of 2026, and the company expects full-year gold output to exceed the 2025 level.

In terms of power support, Eureka and Pickstone Peerless have respectively commissioned 5.4 MW and 4.9 MW photovoltaic power stations. The two stations generated a combined approximately 1.6 GWh in the second quarter of 2026; at full load, Eureka's average monthly power generation is expected to be approximately 1.1 GWh, and Pickstone Peerless approximately 0.75 GWh.

Padenga's group revenue reached US$187.74 million in the first half, up 44% year on year, with the mining business contributing 97% of group revenue. Dallaglio's profit before tax rose to US$93.75 million, EBITDA increased to US$101.87 million, and operating cash flow rose to US$68.93 million.