Dallaglio maintains top three gold producers’ spot

DALLAGLIO Investments has maintained its spot as one of Zimbabwe’s top three gold producers after delivering 1 080 kilogrammes of the yellow metal in the six months to June 2023.

The mining firm is one of the subsidiaries of Padenga Holdings Limited, which is also a crocodile breeder in the country.

Padenga Holdings in an interim financial statement for the half-year ended June 2023, indicated that during the same period last year, Dallaglio was among the top three gold producers in the country having produced 933 kg.

In the period under review, Dallaglio recorded a profit before tax of US$5,4 million down from a prior year profit of US$12,9 million.

“Dallaglio Investments maintained its spot as one of the top three gold producers in the country after registering gold sales of 1 080kg (933kg-H1 2022).

“The volume growth of 16 percent was largely driven by increased plant throughput at Eureka Mine,” it said.

The major capital project for the period under review was the refurbishment of the underground mine at Pickstone Peerless Mine in Chegutu with phase 1 of the project having been completed last month.

“The first phase of the project was completed in August 2023, and commercial production has started. This is poised to contribute significantly to the group’s revenue and profits, going forward,” said Padenga.

In May this year, it was reported that the expansion of the mine’s shaft was on course with projections of hitting 80kg of gold per month on sight this year.

Production levels at Pickstone are expected to reach close to 140kg by next year.

For the second year running, it said Eureka Mine, continues to deliver robust performance, contributing significantly to volume growth and profitability.

“Various operations and cost optimisation initiatives are in progress to further consolidate this growth,” said Padenga.

herald