Victoria Falls Stock Exchange-listed entity Padenga Holdings Limited’s third-quarter efficiency was marred by tragedy after a deadly incident occurred at its Pickstone Peerless Mine, however the firm nonetheless managed to ship a powerful operational displaying.

Padenga Holdings Limited, which is engaged within the manufacturing and rearing of crocodiles and gold mining has launched its third-quarter buying and selling replace revealing a combined efficiency marred by a deadly incident at its Pickstone Peerless Mine.

On September 29, 2024, an worker succumbed to inhalation of noxious fuel within the underground operations, ending the mine’s notable 740,085 fatality-free shifts milestone.

“Regrettably, a fatal incident occurred in our underground operations at Pickstone Peerless Mine on 29 September 2024, resulting in the death of an employee, due to inhalation of noxious gas,” stated Company Secretary Andrew Lorimer.

“This tragic event significantly impacted the business safety metrics, as prior to this incident, the mine had achieved a notable milestone of 740,085 fatality-free shifts. Safety protocols have been revised and strict adherence will be enforced.”

Despite this tragic occasion, Padenga’s mining operations confirmed resilience. Dallaglio gold gross sales surged 22% to 2,025kgs, pushed by elevated mill feed grades and recoveries.

Average mill feed grades rose 6% to 1.51g/t, whereas milled tonnage elevated as a result of addition of a brand new mill at Pickstone Peerless Mine.

In agribusiness, pores and skin harvest volumes grew 3% to 24,813, though gross sales declined 30% to 21,418 skins attributable to weakened market demand.

Padenga’s mining operations delivered robust outcomes, with a 22% enhance in Dallaglio gold gross sales. The firm additionally noticed a 6% rise in common mill feed grades and a 2 share level enhance in plant recoveries.

The agribusiness section skilled a 3% progress in pores and skin harvest volumes. However, gross sales declined 30% attributable to softened market demand.

“The enterprise recorded a 3% enhance in pores and skin harvest volumes for the 9 months below evaluation, in comparison with the prior interval (24,813 vs 24,115).

“Skin high quality and manufacturing volumes proceed to be in keeping with set targets. Skin gross sales over the interval of 21,418 skins had been 30% beneath the 30,586 skins offered over the identical interval final 12 months.

“Premium pores and skin gross sales had been in keeping with each prior 12 months and targets set at the start of the 12 months. However, whole gross sales quantity was negatively impacted by a lower in uptake by different prospects attributable to a weakening of this section of the market relative to prior 12 months.

“As previously reported, the annual rehabilitation of crocodile pens to improve skin quality was completed on schedule in the second quarter of the year,” the corporate stated.

Looking forward, Padenga stated it anticipated beneficial gold costs to proceed into 2025. The firm is concentrated on executing the Pickstone Peerless underground growth forward of plan and leveraging Eureka Mine’s constant above-target manufacturing.

Padenga additionally goals to cut back borrowings, lower curiosity prices, and increase export proceeds. The group stays dedicated to producing high-quality skins and optimizing mining operations.

“Management remains committed to initiatives boosting ore grade, reducing operating costs, and improving recoveries,” stated Lorimer.