When Thungela Resources debuted on the JSE in June after being hived off Anglo American, it wasn’t exactly the flavour of the moment as fund managers were increasingly shunning fossil fuels.

What the skeptics didn’t count on was a global energy crunch that has made the company one of the best performers in the JSE, with its shares up more than fourfold. Driven mostly by higher international coal prices, Thungela shares rose 2.67% to close at R96.69 on Monday, giving it a market value of R13bn. ..

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