Padenga Holdings Limited, the dual-listed conglomerate known for its unusual combination of crocodile farming and gold mining, has announced a spectacular first-half performance for 2025, largely driven by its gold mining division. The company posted a 187% profit surge to US$26.29 million, a significant leap from the US$9.24 million recorded in the same period of 2024. This success, according to Padenga chairman Thembinkosi Sibanda, is a direct result of strong gold prices and strategic operational improvements.
The core of Padenga’s impressive financial results is its mining subsidiary, Dallaglio Investments. The division's turnover jumped 41% to US$123.37 million, contributing a dominant 94.4% to the group’s total revenue of US130.68million.Thissurgewasfueledbyastronggoldmarket,withtheaveragespotpricereaching∗∗US3,106 per ounce**, compared to US$2,198 per ounce in the prior year.
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Beyond favorable market conditions, Dallaglio’s production volumes also surpassed targets. The company produced 1,292 kgs of gold, a 7% increase from the 1,209 kgs produced in the first half of 2024. This growth was attributed to stronger ore grades and improved plant recoveries. The mining operations generated a robust US$38.12 million in cash, a 183% growth from the previous year, which is being channeled into strategic growth projects and debt reduction.
Padenga is not resting on its laurels. The company is actively investing in its mining assets to sustain and grow production. At the Pickstone mine, Phase 3 of the underground project is progressing on schedule, with development commencing at Level 10. A key enhancement will be the addition of a pre-oxidation facility in the second half of 2025, aimed at improving gold recovery. Furthermore, a 4.9 MW solar project is on track for commissioning by November 2025 to provide a stable power source.
Similarly, at the Eureka mine, the group has begun procuring long-lead items for a gravity circuit upgrade, with completion targeted for February 2026. This project is expected to enhance overall plant recovery. A parallel 5 MW solar project at Eureka is also underway, with the first power expected in the first quarter of 2026. These investments signal a clear commitment to fortifying the mining division as the primary driver of future growth.
In a decisive move to optimize its portfolio, Padenga has decided to discontinue operations at Ume Crocodile Farm (UCF). The decision, driven by reduced demand for crocodile skins, marks a significant shift in the company’s business model. The assets of UCF have been classified as "held for sale," valued at US$16.12 million, which is expected to provide substantial cash capital for Padenga’s ongoing projects.
The company’s balance sheet remains strong, with total assets of US$234.1 million and a liquid position of US$2.04 for every dollar of short-term debt. This financial stability allows Padenga to confidently pursue its capital-intensive mining projects and pivot away from its less profitable agribusiness segment.
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