Coal export prices increased by more than 100% in 2022
Thermal coal miner Thungela Resources’ headline earnings doubled last year after strong global demand saw export prices increase by more than 100%
“We generated adjusted operating free cash flow of R18.1bn during the year, compared to R3.9bn last year. This outcome is in large part due to strong coal prices,” said July Ndlovu, CEO of Thungela.Ndlovu said the more than fourfold increase in cash generation was a “remarkable achievement given the loss of close to 3-million tonnes of export saleable production volumes as a direct result of the poor Transnet Freight Rail performance.
In the short-term, fixing the rail network is a matter of critical importance to SA […]. We remain focused on working with Transnet to resolve the issues plaguing rail performance and call on government to support these efforts.”
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