Thungela books record profit, but cuts guidance on rail woes
The miner cashed in on record coal prices in its half-year to end-June, but reduces full-year forecast by almost a tenth
15 August 2022 - 09:34
UPDATED 15 August 2022 - 19:24
Thungela Resources, the coal miner spun off from Anglo American, has booked almost R10bn in interim profits as it cashes in on record pricing, but has cut its full-year guidance by almost a tenth due to persistent issues on SA’s rail network.
Thungela CFO Deon Smith told journalists on Monday that the inefficiencies plaguing Transnet Freight Rail’s (TFR’s) heavy haul coal line between Mpumalanga and Richards Bay has seen the miner lose out on an additional R2.5bn in income that could have been earned during the first half of the year. ..
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