• 22% Growth: Surged 22% in 9M 2024, reaching 2,025 kg (63,000 oz)
  • Q4 Target: To reach 80,000-85,000 oz, needs to produce 463-620 kg in Q4, translating to 154-206.7 kg/month (Oct-Dec)
  • Historic Milestone: Achieving either target will make Padenga Zimbabwe's largest gold producer

                                     

Harare- Caledonia Mining Corporation and Padenga Holdings released their third-quarter performance reports this week, with both companies edging closer to their annual targets.

Padenga, currently the third-largest gold producer, is gaining ground on Caledonia and Freda Rebecca, the second-largest and largest producers, respectively.

However, it will be eclipsed by Freda’s parent company, Kuvimba Mining House, which hosts a number of mining companies. Nevertheless, Padenga will become the largest listed gold producer, surpassing Caledonia and RioZim.

Padenga's gold output surged 22% in the nine months ended September 30, 2024, reaching 2,025 kilograms, equivalent to 63,000 ounces.

This significant growth was fueled by a robust third-quarter performance, yielding 674 kilograms or 21,700 ounces, following a strong first quarter with 751 kilograms or 24,200 ounces.

To achieve its annual target of 80,000-85,000 ounces, Padenga needs to produce an additional 463-620 kilograms in the fourth quarter.

Broken down further, this translates to a monthly target of 154-206.7 kilograms from October to December.

Specifically, the company requires 154 kilograms per month to reach the lower target of 80,000 ounces and 206.7 kilograms per month for the upper target of 85,000 ounces.

Attaining either target will secure Padenga's status as the largest gold producer in Zimbabwe and the largest among listed companies outpacing Freda Rebecca's average annual production of below 80,000 ounces.

Favorable dry weather conditions and Padenga's strong year-to-date performance suggest the company is well-positioned to achieve its ambitious targets.

With a solid foundation established, Padenga is poised to make history as Zimbabwe's top gold producer, pending the commencement of Bilboes Mine's operations.

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