ThungelaResources, South Africa’s largest exporter of coal burned in power stations, expects sales to drop further this year as it struggles to rail shipments to port. Moneyweb MiningNews
Thungela Resources, South Africa’s largest exporter of coal burned in power stations, expects sales to drop further this year as it struggles to rail shipments to port. State-owned rail operator Transnet is grappling with a shortage of locomotive spare parts and vandalism on the line that runs from coal mines in Mpumalanga to Richards Bay Coal Terminal on the east coast.
The Johannesburg-based coal miner could ship between 10.5 million tonnes and 12.5 million tonnes this year, Thungela said in a statement. The company — a spinoff from Anglo American Plc — said it has 3.2 million tonnes of coal in stockpiles at its mines and another 400 000 tonnes at the port. “Given the degree of uncertainty regarding Transnet freight rail performance currently, we are not providing guidance for 2024,” it said. Still, Thungela’s profit surged to about R18 billion from R6.
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