Padenga shareholders on Wednesday approved the 50.1% acquisition of Dallaglio, an investor in Pickstone and Eureka mines.
Hitherto, Padenga Holdings Limited’s sole business has been the production and sale of crocodilian skins and meat at the Kariba Crocodile Farm (KCF).
The company is seeking to diversify from crocodile skins as 79% of its 2018 sales were to a single European client.
A capital expenditure budget of US$30m has been set to bring Eureka Mine, in Guruve, to production by 2020. The company will also invest US$22m in 2022 to start underground development at Pickstone Mine, near Chegutu.