Pickstone Mine’s Phase 1 underground mining refurbishment completion by August
VICTORIA Falls Stock Exchange-listed diversified group, Padenga Holdings Limited says refurbishment of underground mining at its Pickstone Peerless Mine in Chegutu under Phase 1 will be completed in August this year.
Underground operations at the gold mine will be resuscitated under Phase I of the mine’s redevelopment programme.
In its annual report for the year ended December 31, 2022, Padenga said refurbishment of underground mining at Pickstone began in the year under review.
“The major capital project embarked on during the year under review is the refurbishment of the underground mining at Pickstone Peerless Mine in Chegutu. Phase 1 of the project is scheduled to be completed in August 20223,” it said.
After completion of the refurbishment programme under Phase 1, production would commence contributing significantly to the group’s revenue and profitability.
In the year under review, the group recorded a turnover of US$127,9 million reflecting a 68 percent increase of the US$76 million recorded in the previous year.
During the period under review, Padenga also announced that its mining arm, Dallaglio Investments recorded a strong performance producing 1 961 kilogrammes of gold compared to 976kg recorded in the financial year ended December 31, 2021.
The positive performance is attributable to the impact of first full year operations at Eureka Gold Mine, one of the mining operations owned by Dallaglio.
“Eureka Mine continues to contribute significantly to volume growth and profitability.”
In 2018, Dallaglio took over Eureka Gold Mine along Dande River in Guruve, Mashonaland Central province after the mine had been lying moribund for over two decades and immediately started installing state-of-the art equipment and erecting new structures.
The mining arm invested about US$51 million to bring Eureka back to production, reckoning that the large ore reserves made a viable mine once an owner was prepared to inject cash needed for equipment.-ebusinesseeeky
