Padenga Holdings says installation of solar power facilities at Eureka and Pickstone Peerless mines is now expected to be concluded by December 2025, having missed the initial target of December 2024.
The group is investing in solar power as part of its strategy to reduce energy costs, lower its carbon footprint and mitigate reliance on the national grid.
This includes a 7-megawatt (MW) solar plant at Eureka Mine and a 5MW installation at Pickstone, designed to reduce energy costs, which account for about 25 percent of its mining expenses.
“The installation of solar power facilities at Eureka and Pickstone Peerless mines has been delayed.
“Commissioning of solar plants at both mines is now expected to be concluded in December 2025,” read part of the group’s 2024 annual report.
The group noted that installation and commissioning of the solar power facility at Eureka Mine was initially targeted to be complete by the end of 2024 and is aimed at reducing the mine’s carbon footprint.
Commencement of the construction of a solar plant at Pickstone Peerless Mine was to be commissioned at the beginning of 2025.
Several mining companies in Zimbabwe are investing in solar power to address frequent power outages and secure reliable energy sources.
These investments also align with the country’s National Renewable Energy Policy and Biofuels Policy of Zimbabwe, which seek to promote optimal supply and utilisation of energy for socio-economic development.
The Government has also in most instances implored the financial services sector to develop financial products that facilitate the adoption and implementation of renewable energy projects.
Padenga has a US$30 million capital expenditure plan, with US$15 million allocated to Eureka for exploration, equipment, and a 7-megawatt solar plant.
According to the group’s trading update for the quarter ended March 31, 2025, gold production improved by 11.6 percent to 620kg against 610kg in Q1 2024 as production metrics such as grade and recovery registered moderate improvements relative to Q1 2024.
Gold sales in the three months to March 31, 2025, totalled 620kg and were 118 percent lower than the same period last year, with the volume reduction due to a high gold inventory from 2023 production sold in Q1 2024.
Padenga noted that the gold price remained on an upward trajectory, averaging $2 880 per ounce compared to $2 663 per ounce for Q4 2024. Year-on-year spot price was up 441 percent at the end of the quarter.
The group said the Pre-Leach thickener installed at Eureka Mine is delivering positive results in terms of reduced reagent usage, water efficiency, and gains in plant recovery.
It noted that new mining equipment delivered to the site during the quarter will lead to more efficient mining going forward.
According to the trading update, Eureka Mine recorded its strongest safety performance to date during the quarter under review, celebrating 764 lost-time-injury-free days as of March 26, 2025.
At Pickstone underground mine, the grade attained for the quarter under review was in line with the forecast, which is positive and encouraging.
“Exploration diamond drilling progressed well at Pickstone, with 7 016 metres drilled against a forecast of 3 979 metres.
“The results, which are now being assessed, will increase confidence in the resource and add to the Life of Mine,” reads part of the trading update.