A Thungela Resources underground operation.
Supplied by Thungela Resources
SA’s largest coal exporter Thungela Resources says it is seeing signs of recovery in Transnet’s railing performance, which will be critical in determining whether or not to restructure its operations and possibly cut jobs.
Thungela, which was spun out of Anglo American in mid-2021, reported on Monday its profit fell to R3 billion for the six months to end-June, crashing from a record R9.6 billion previously, as the group battled a significant decline in thermal coal prices.
The fall in coal prices took a toll of some R10 billion on its interim earnings, but the miner says railing constraints have continued to weigh heavily on Thungela’s performance.
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