Dallaglio Investments says US$18 million capital project works for its underground mine operations at Pickstone Peerless Mine in Chegutu are on target to start commercial production by April next year.
The company is 50,1 percent owned by Victoria Falls Stock Exchange (VFEX)-listed Padenga Holdings and owns Breckridge Investments whose assets are Pickstone Peerless Mine, Giant Gold Mining Claims and Blue Rock Claims.
It also indirectly owns Eureka Gold Mine, a subsidiary of Delta Gold Zimbabwe, which is a 100 percent-owned business of Dallaglio.
The underground mining project at Pickstone Mine is meant to replace the open pit mine, which approaches its end of life early next year. Pickstone general manager Alfred Madowe, during a tour of the mine by Mines and Mining Development Minister Winston Chitando, said the mine’s underground project will boost output from the current 40 to 50 kg per month to 80kg per month.
“Extensive shaft and surface infrastructure project being undertaken to reopen the existing underground mine has progressed well and commissioning is set for April 2023,” he said.
Mr Madowe said indicative underground grades were at 3 to 5 grammes per tonne.
He added that the project will create over 400 new jobs and will contribute significantly to increase of revenue and foreign currency inflow in the economy and contribute towards a US$12 billion mining industry by 2023.
“This is in line with President Emmerson Mnangagwa vision 2030 towards a prosperous upper middle-income nation by 2030,” he said.
Minister Chitando said the country’s gold sector had been growing and according to production figures for November 2022, the sector produced 33 tonnes of gold and has been picking from there.
“We are anticipating record production this year. The sector players are making investments in capacity and the investment by Dallaglio is testimony to growing capacity,” he said.
Minister Chitando said for sustainable mining capacity there is need for continuous investment such as the US$50 million Dallaglio investment at Eureka mine.
“A number of projects including at Caledonia’ s Blanket Mine and other upcoming projects shows that as a country we are on track to meet production targets,” he said.
Minister Chitando was accompanied by Mashonaland West Provincial and Devolution Minister Marry Mliswa-Chikoka.
Minister Mliswa-Chikoka said Pickstone mine should also consider investing in housing for its employees which will contribute to the Government’s vision on housing.
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