Thungela is building up a head of steam
Though the company’s shares have dropped 32% so far this year, its mines are making money, in contrast with the 30% or so of South African coal producers that are not
12 June 2025 - 05:00
Strictly speaking, Thungela Resources CEO July Ndlovu is retiring a year earlier than at the firm’s mandatory age of 60. In a twist of fate his papers were destroyed during Zimbabwe’s war of liberation. Because of an administrative error his date of birth was re-recorded as 1965, though he actually turns 59 this year.
But he’s heading off anyway. “I’ve played my part. It’s time to let others play theirs,” he tells the FM. Moses Madondo, the MD of De Beers’s mines, will take over from August. Ndlovu has promised to remain at the coal producer until December as part of a handover process...
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