Padenga sees strong outlook on Eureka Mine output
Padenga Holdings anticipates strong earnings through year-end as gold prices climb and production remains steady at its Eureka Mine operations. The precious metal has jumped approximately 54 percent to reach around $4,042 per ounce, averaging $3,239 during the reporting period compared with $2,303 previously. Output increased marginally to 1,909 kilograms during the nine months, supported by improved mill feed grades.
The company projects the Eureka Mine open pit could continue operating until 2039 rather than closing in 2030 following geotechnical studies and economic reviews. A gravity circuit upgrade project enters the execution phase with completion targeted for early next year to boost processing plant recovery rates. Management continues reviewing the business model at Pickstone Peerless Mine, where margins face pressure from elevated fixed costs and underutilized plant capacity.
Mining operations generated 94.4 percent of the $130.68 million in half-year revenue, with agribusiness activities providing the remainder.
