By 
Padenga Gold Mining, a subsidiary of Victoria Falls Stock Exchange-listed Padenga Holdings, contributed over US$15 million in taxes to the Zimbabwean Government in 2024, reflecting the company’s growing impact on the national economy and its adherence to sustainable business practices.
According to the company’s latest annual report, Padenga Gold generated US$193 million in foreign currency earnings last year, underscoring its role as a key player in Zimbabwe’s mining and export sectors. The figures were disclosed by the company’s chief executive officer, Mr James Beare, in its third standalone sustainability report.
“Our mines continued to make significant contributions to the Zimbabwean economy, generating US$193 million in foreign currency in 2024,” said Mr Beare. “Our staff complement approached 1 900 people by the end of 2024 and staff costs and benefits amounted to US$34 million. Over US$15 million was paid to the Zimbabwean Government in the form of taxes, and we continued to support local suppliers, with 76 percent of our procurement spend in 2024 directed toward local businesses.”
Mr Beare highlighted the company’s adoption of Environmental, Social and Governance (ESG) principles, an increasingly important framework that guides responsible corporate behaviour and long-term sustainability.
“The group acknowledges the importance of maintaining respectful and mutually beneficial relationships with host communities and local Government, understanding the critical role they play in the success of our operations,” he said. “In line with this, ongoing engagements are held with our community stakeholders to determine the most effective way to address their needs. As a result, we invested a total of US$952 000 on both production and non-production related community investment initiatives to support community needs and mitigate any adverse impacts associated with our operations.”
The report also outlines how Padenga handled land acquisition and community resettlement in line with international standards, particularly during mine expansion at Eureka.
“Although extensive land acquisition activities were conducted in 2024 at Eureka Mine to facilitate mine expansion activities, living conditions for displaced community members were improved,” said Mr Beare. “Of the total amount invested in our host communities, close to US$600 000 was spent to ensure that resettlement was carried out in line with the International Finance Corporation (IFC) Performance Standard 5 for Land Acquisition and Involuntary Resettlement. The remainder of our community initiatives were related to education, healthcare, water and sanitation, and social empowerment.”
Padenga Gold Mining’s performance and reporting suggest a deliberate alignment between commercial ambition and responsible business conduct, positioning the company as a leader in Zimbabwe’s evolving mining landscape.
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