DIVERSIFIED conglomerate Padenga Holdings has projected an increase in gold production through the expansion of its refurbished Pickstone Peerless mine.
The company reported that Phase 1 of the mine was completed last year and commissioned in April of this year.
In a trading update, Padenga stated, “The group is on track to increase gold production by expansion of the Pickstone Peerless mine.”
It also noted significant investment in capital expenditure for further expansion of the mine in their phase 2 underground project. The company experienced a 39 percent growth in gold sales during the first quarter due to increased tonnes milled and mill feed grade.