JSE star Thungela hit by own report on Transnet
The coal miner warns that some of its operations could take a hit if its stockpiles reach capacity from November
Thungela Resources, one of the JSE’s best performers since it was spun off from Anglo American, was among the bourse’s biggest losers on Monday after it said the state of Transnet’s rail network will force it to scale down production targets.
With Transnet’s woes having already cost the industry an estimated R30bn in lost foreign sales, fears are mounting that SA will lose out on another commodities boom at a time when a global energy crunch has led to a surge in demand for coal. Mining companies are facing headwinds due to a potential inability to get their product to market...