Gold production boosts Padenga Holdings’ revenue by 43 percent in 2024
Padenga Holdings Limited, a diversified group with interests in agriculture and mining, reported a 29 percent increase in gold sales volumes, rising to 2 740 kg for the year ended 31 December 2024, up from 2 120 kg in the previous year.
The company attributed this growth to improved ore grades at both the Eureka and Pickstone Peerless mines, along with enhanced throughput resulting from plant capacity improvements and optimisations made since late 2023.
The full benefits of these upgrades were realised throughout 2024.
At Pickstone Peerless, open-pit mining operations ceased in October 2024 following the commissioning and ramp-up of underground operations.
Looking ahead, the company remains focused on further developing the Pickstone Underground Project.
“In addition, exploration drilling at Eureka will commence in 2025 with the aim of confirming the long-term underground potential. This work is expected to inform a comprehensive feasibility study in 2027,” the company said.
“Gold production for 2025 is forecast to align with 2024 volumes. The current expansion capital expenditure is anticipated to start contributing to increased production in 2026.”
On the financial front, Padenga recorded a turnover of US$223 million for the reporting period, reflecting a 43 percent increase from US$155.58 million in the prior year.
The revenue growth was primarily driven by higher gold production volumes and strong gold spot prices.
Cash generated from operating activities stood at US$60 million, marking a 48 percent increase from US$40.67 million in the previous year.-chroncile
