Business: Dallaglio investments pre-tax profit jumps 350% on Gold Sales Surge

A Zimbabwean Gold mining company, Dallaglio Investments( which is owned by Padenga  Holding Limited), alongside its subsidiaries, posted a 350% jump in pre-tax profit to US$42.18 million in 2024, up from US$9.38 million in 2023. The Revenue surged 53% to US$192.53 million, driven by a 29% rise in gold sales volumes and a 27% spike in global gold prices—the biggest annual gain in 14 years.

Gold sales reached 2,740kg, up from 2,120kg, thanks to higher ore grades and plant improvements at its Pickstone-Peerless and Eureka mines, while operating cash flow climbed from US$30 million to US$50.53 million.

The Pickstone-Peerless mine successfully transitioned to underground mining, and Dallaglio is now focused on expanding operations, with exploration drilling at Eureka set for 2025. A feasibility study is due in 2027.

Its Parent company, Padenga, invested US$20 million in 2024 and plans to spend US$28.5 million in 2025 to scale underground operations, aiming for 3,110kg (100,000 ounces) in gold output next year( 2026)

Eureka Mine in its upgrades, includes a US$5 million pre-leach thickener, new mining equipment, and a planned gravity circuit enhancement with hopes of a  7MW solar plant to be installed to offset power shortages.

Meanwhile, Padenga’s US$30 million capex for 2025 positions the group for sustained growth amid high gold prices and global uncertainties.