Pickstone Mine lifts Padenga

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PADENGA Holdings (Padenga) says it anticipates gold production volumes to remain stable in the second quarter and increase thereafter on the back of the commencement of higher-grade ore feed from the Pickstone underground operation.
This comes as gold sales volumes for the quarter increased by 19 percent to 541 kilogrammes from 453 kilogrammes in 2022, buoyed by higher tonnage processed through the mills, higher grades that were mined during the quarter and a higher recovery rate compared to the same period last year.
“The international gold spot price has continued to be firm since the end of the first quarter and is projected to remain so for the remainder of 2023,” Padenga’s chairman, Thembinkosi Sibanda, said in a trading update for the third quarter ended 31 March 2023.
The group’s Eureka Mine achieved a 10 percent rise in throughput compared to the first quarter of 2022, as a result of continuous process optimisation, while an improvement in grade was achieved on the back of geological work conducted in 2022.
At Pickstone Peerless Mine, better grades were realised out of the Peerless pit, which was the predominant source of ore during the quarter under review.

Padenga’s Nile crocodile operations recorded a 45 percent increase in skin harvest volumes during the period under review compared to the prior period, as strategies to improve skin quality are bearing fruit.
The skin sales in the quarter, at 2 392, were below the 5 070 skins sold in the prior year.
“However, in April the business sold
10 000 skins to its top tier customer and is on course to achieving its sales targets for the year. A decision was made to extend the production season to the end of February annually to incorporate the full summer period and will contribute towards finishing skins to the increased quality standards demanded by the market.
“The sale of stock skins from prior years is continuing, with the expectation that these will be fully disposed of by the end of the current financial year,” Sibanda said.
Sibanda highlighted that the crocodile operation continues with its initiatives to produce high-quality skins that are consistent with premium market expectations.
Regarding capital projects during the year, the group is mainly focused on the rehabilitation of crocodile pens, which is central to the improvement of skin quality.
According to Sibanda, the 2023 rehabilitation programme has started and is on schedule.
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