Padenga Holdings invests in mine projects as gold prices climb to record highs. The company spends millions to expand underground mines, build solar power stations, and search for more gold resources, all of which help it make more money from rising gold prices.
Since 2022, Padenga has invested $44 million in the Pickstone underground mine, with $13 million planned for 2025. The deeper mine shafts will reach better gold starting in 2026, just when experts predict gold might sell for $4,000 per ounce. The company also builds solar power plants at its mines to cut energy costs. Energy makes up 25 percent of mining expenses, making these solar plants very important for profits.
Padenga sets aside $3.8 million this year for drilling to find more gold deposits. They plan 34,440 meters of test holes across their mining areas. The company reduced debt by 20 percent last year to $56 million. Padenga aims to pay for all future projects with money from current operations rather than loans.
Gold gave Padenga $192 million last year, climbing 53 percent from the previous year. The price they sold gold for averaged $2,402 per ounce, up 23 percent. Production rose 17 percent during the same time. The mining company wants to produce between 85,000 and 90,000 ounces yearly by 2026.
Investment expert Walter Mandeya says the company picked the perfect timing for these projects. Their expansion happens right when gold prices look ready to jump higher. He believes Padenga might become one of the biggest winners if gold reaches $4,000 per ounce, as some experts predict.
Since 2022, Padenga has invested $44 million in the Pickstone underground mine, with $13 million planned for 2025. The deeper mine shafts will reach better gold starting in 2026, just when experts predict gold might sell for $4,000 per ounce. The company also builds solar power plants at its mines to cut energy costs. Energy makes up 25 percent of mining expenses, making these solar plants very important for profits.
Padenga sets aside $3.8 million this year for drilling to find more gold deposits. They plan 34,440 meters of test holes across their mining areas. The company reduced debt by 20 percent last year to $56 million. Padenga aims to pay for all future projects with money from current operations rather than loans.
Gold gave Padenga $192 million last year, climbing 53 percent from the previous year. The price they sold gold for averaged $2,402 per ounce, up 23 percent. Production rose 17 percent during the same time. The mining company wants to produce between 85,000 and 90,000 ounces yearly by 2026.
Investment expert Walter Mandeya says the company picked the perfect timing for these projects. Their expansion happens right when gold prices look ready to jump higher. He believes Padenga might become one of the biggest winners if gold reaches $4,000 per ounce, as some experts predict.
