Thungela toying with its cash pile
Coal miner’s R4.1bn Australian acquisition may signal that deals are more certain than dividends right now
16 February 2023 - 05:00
Thermal coal miner Thungela Resources pushed the boat out this month, announcing plans to buy Ensham, a coal mine in Australia’s Queensland, for R4.1bn. There goes the special dividend, investors may sigh.
They would have a point. Thungela was listed in June 2021 after the demerger of Anglo American’s South African coal assets, on the premise it would carefully nurse unwanted coal mines to the grave. Anglo’s then CEO Mark Cutifani estimated that even after certain expansions were completed, Thungela would operate for only about 12 years...
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