Caledonia and Padenga deliver strong results as gold miners capture record high prices
HARARE – Zimbabwe’s gold mining industry recorded strong third-quarter performances in 2025, as soaring global gold prices lifted revenues and boosted profitability across the sector.
Both Caledonia Mining Corporation Plc and Padenga Holdings Limited reported significant financial improvements driven by higher bullion prices and steady production output. The two mining giants are listed on the Victoria Falls Stock Exchange.
Caledonia Mining, which operates the Blanket Mine and Bilboes oxide project, posted a 52% jump in quarterly revenue to US$71.4 million for the period ended September 30, 2025, up from US$46.9 million in the same period last year.
The company attributed the growth to a sharp rise in gold prices, averaging US$3,434 per ounce, a 40% increase from 2024 levels and higher sales volumes.
Gold production at Blanket Mine stood at 19,106 ounces, while sales reached 20,355 ounces, with an additional 437 ounces produced and sold from Bilboes.
Caledonia reported a gross profit of US$36.9 million and EBITDA of US$33.5 million, up 162% from the prior year. Profit after tax rose more than fourfold to US$18.7 million, while free cash flow improved to US$5.9 million from a negative US$2.4 million in Q3 2024.
Chief Executive Officer Mark Learmonth said the company would continue to modernise its operations and pursue disciplined capital investment.
“We continue to deliver solid operational and financial results at Blanket, producing 19,106 ounces of gold during the Quarter and maintaining our focus on stable production and disciplined capital investment as we seek to modernise operations and improve mining efficiency at Blanket.
“The strong gold price environment, which increased 40% to average $3,434 per ounce, combined with higher production has resulted in a 52% increase in quarterly revenue and a significant uplift in free cash flow,” Learmonth said.
He also confirmed that Caledonia will pay a quarterly dividend of 14 cents per share on December 5, 2025.
Meanwhile, Padenga Holdings Limited, which owns gold mining subsidiary Dallaglio Investments, reported solid operational performance across its mining portfolio.
Gold output for the nine months to September 30 reached 1,909 kilograms, a marginal increase from 1,882 kilograms last year, supported by improved ore grades and stable operations at Eureka and Pickstone Peerless mines.
Padenga said its mining revenues benefited from the global gold rally, with the average gold price up 61% year-to-date to US$3,239 per ounce, compared to US$2,303 over the same period in 2024.
The company expects continued strong financial results through year-end, buoyed by the favourable price outlook and consistent production.
The group also confirmed ongoing investments aimed at sustaining growth.
These include a Gravity Circuit Upgrade project at Eureka Mine, expected to be completed in the first half of 2026, and the Phase 3 commissioning of the Pickstone Underground Project in the fourth quarter of 2025.
“The life-of-mine extension at Eureka to 2039 will safeguard consistent performance and long-term value for stakeholders,” the company said in its update.
While Padenga’s agribusiness division saw a 13% decline in crocodile skin sales due to delayed orders from non-contracted buyers, management said restructuring efforts and consolidation of farms in Kariba were progressing well.
