Thungela Resources (Ex-Anglo, therm. Export-Kohle) -- Drowning in Liabilities? (Seite 6)

[Bauer85]

Es gibt ne Dividende von 60rand sind ungefähr 3,5€

[Oginvest]

S.Africa's Thungela expects strong first-half earnings due to coal prices

Aug 1 (Reuters) - South Africa's Thungela Resources expects a significant rise in half-year profit due to soaring coal prices, it said on Monday, but flagged rising costs amid inflationary pressures.

Thungela said it expects to post headline earnings per share (HEPS) - the main profit measure in South Africa - of between 66.85 rand ($4.03) and 67.45 rand for the six months to June 30, compared to 3.05 rand last year.

The company said while it had benefited from high coal prices, rising energy costs and inflationary pressures had raised its operating costs.

The coal exporter, which was spun off from Anglo American Plc last year and listed separately, is expected to release its half-year results on Aug. 15.

Anglo American sold off its residual shareholding in Thungela in March.

https://www.lse.co.uk/news/safricas-thungela-expects-strong-…

[Oginvest]

South African coal miner Thungela sees 44% jump in costs, rail woes persist

June 13 (Reuters) - South African coal miner Thungela Resources on Monday flagged a 44% jump in costs while poor rail performance continues to curb exports, putting a dampener on first-half earnings expected to be strong thanks to high coal prices.

In a trading update, Thungela said it had curtailed production to mitigate the impact of “inconsistent” rail service by South Africa’s state-owned logistics firm Transnet, resulting in a 14% decline in export saleable production during the first half of 2022 compared to the same period last year.

Thungela said its free on board (FOB) cost per export tonne of coal, including royalties, is expected to be 44% higher at 1,124 rand ($70.03), compared to 782 rand in the first half of 2021. ($1 = 16.0513 rand) (Reporting by Nelson Banya, Editing by Helen Reid)

https://www.reuters.com/article/thungela-resources-results-i…

[Oginvest]

UPDATE 2-South Africa's Transnet declares force majeure on coal contracts, Thungela says

* Transnet sees issues persisting for “at least” next six months

* Thungela says Transnet seeks to end coal transport contracts

* Thungela Resources shares down 6% (Updates shares, adds CEO quote)

JOHANNESBURG, April 14 (Reuters) - South Africa’s state-owned logistics firm Transnet has declared force majeure and is seeking to terminate long-term coal transportation agreements, thermal coal producer and exporter Thungela Resources said on Thursday.

Despite Thungela saying rail services and coal exports are continuing, and the development would not significantly impact its 2022 production forecast, its shares fell 6% by 1230 GMT, their biggest fall in a month.

Transnet did not immediately reply to a request for comment.

Large-scale theft of copper cables, insufficient maintenance, and a lack of locomotives have crippled Transnet’s freight rail network used by coal and iron ore miners to transport their minerals to port.

“Transnet believes that these circumstances will continue to detract from its ability to perform for at least the next six months and that accordingly Transnet is under force majeure,” Thungela said in a statement.

Triggering a force majeure clause in contracts allows certain terms of an otherwise legally binding agreement to be ignored because of unavoidable circumstances.

Thungela said Transnet on April 8 notified coal exporters of force majeure and “expressed a desire” to terminate its long-term coal transportation agreements.

The coal exporters are engaging with Transnet to “clarify the contractual position” and ensure the stability of coal deliveries to take advantage of strong demand for South African coal, Thungela said.

“We are encouraged that Transnet has reaffirmed its commitment to existing material commercial terms,” Thungela CEO July Ndlovu said.

Coal producer Exxaro Resources last week said it had received “numerous” requests from European countries wanting to sign supply contracts, after the European Union proposed sanctions on Russian coal.

Both Exxaro and Thungela have said Transnet’s issues constrain their ability to ramp up coal production to meet the new demand.

Last year, Transnet railways delivered 58.3 million tonnes of coal to the Richards Bay Coal Terminal on South Africa’s east coast, significantly undershooting its annual capacity of 77 million tonnes. (Reporting by Helen Reid; editing by Robert Birsel, Elaine Hardcastle)
https://www.reuters.com/article/safrica-mining-transnet-idAF…

[Oginvest]

Anglo American completes exit from S.African coal miner Thungela

HARARE, March 25 (Reuters) - Global mining giant Anglo American Plc (AAL.L) on Friday announced the sale of its remaining shareholding in Thungela Resources (TGAJ.J), completing its exit from the South African coal business.

Under pressure from investors to exit coal businesses worldwide, the owner of gold, platinum and diamond mining companies, Anglo American hived off its entire stake in its South African coal mines into Thungela and distributed most of the shares to its shareholders through an initial public offering in June, barring 8%.

At the time of listing, investors had written off the prospects of Thungela amid global pressure on companies and countries to wean industries off of coal.

But rising coal prices turned the tables for Thungela and its shares are up six-fold in the last nine months.

Anglo said it sold its residual Thungela shareholding for 154 rand per share, realising gross proceeds of 1.67 billion rand ($115 million).

Thungela's shares were trading at 160.68 rand at 0741 GMT on Friday, down 8.85%. The company listed at 25 rand per share in June.

On March 22, Thungela reported its first full-year profit for the year ended December 2021 of 6.9 billion rand, driven by higher coal prices. read more

($1 = 14.5279 rand)

https://www.reuters.com/business/sustainable-business/anglo-…

[Oginvest]

S.Africa nears 5-year investment goal -president

JOHANNESBURG (Reuters) -South Africa is close to reaching a five-year target for new investment, President Cyril Ramaphosa said on Thursday as he sought to drum up further backing for the pandemic hobbled economy.


https://www.reuters.com/article/safrica-economy/update-2-s-a…

[Oginvest]

UPDATE 2-South African coal miner Thungela rues 'missed opportunity' as European demand surges

* Thungela sees significant European demand for coal

* Rail constraints limit exports

* Firm coal prices drive Thungela’s full-year profit (Recasts with Thungela on European demand)

HARARE, March 22 (Reuters) - South Africa’s Thungela Resources Ltd said on Tuesday it had seen increased demand for thermal coal from Europe as the war in Ukraine dents supply, but rail logistics constraints in South Africa continue to limit its capacity to export.

Higher coal prices and better cost management helped Thungela post its first full-year profit, of 6.9 billion rand ($461 million), following its demerger from Anglo American Plc last year.

Thungela’s headline earnings per share (HEPS) - the main profit measure in South Africa - were 66.57 rand for the year ended Dec. 31, up from a loss per share of 5.31 rand the previous year.

“Through our marketing team in Anglo - as you know we sell all our coal to Anglo - we are aware of significant queries and interest from Europe, and we’ve been able to sell parcels into Europe,” Thungela Chief Executive Officer July Ndlovu told reporters on a results call.

“And that’s quite exciting for us because again it diversifies the countries that we serve.”

Ndlovu said Thungela had started getting enquiries from Europe even before the war in Ukraine, as European energy prices spiked amid gas shortages. Thermal coal prices have surged further on fears of disruption to Russia’s gas supplies.

However, Thungela said it was unable to take advantage of the growth in demand.

In 2021, Thungela exported 15 million tonnes, down 16% on the previous year due to logistics problems. The miner forecast exports of between 14 and 15 million tonnes for 2022, climbing to 16 million tonnes in 2023.

South Africa’s state-owned rail and port company Transnet has been plagued by large-scale copper theft hobbling its freight operations and denting its finances.

“This is a big missed opportunity, not for Thungela only but clearly for the industry, and for South Africa as a country. Probably the largest missed opportunity in the last 12 months,” Thungela Chief Financial Officer Deon Smith said during the call.

Thungela said it had stockpiles of 2.8 million tonnes of thermal coal at the end of December, a million tonnes more than its optimal stockpile, and has had to throttle production at some of its high cost mines.

Thungela, which listed on the Johannesburg Stock Exchange in June 2021, declared its first dividend of 18 rand per share.

$1 = 14.9669 rand Reporting by Nelson Banya Editing by Simon Cameron-Moore and Mark Potter

https://www.reuters.com/article/thungela-resources-results-i…

[Oginvest]

South African court orders government to clean up air in coal belt

A South African court on Friday upheld a complaint by activists that poor air quality in the coal belt is a breach of constitutional rights, giving the environment minister a year to make regulations to put into effect a clean air plan. The High Court in the capital Pretoria said Environment Minister Barbara Creecy had a legal duty to make regulations that enforce a government plan for cleaner air in coal belt, and that she had so far "unreasonably delayed" doing so.

A spokesperson for Creecy did not immediately respond to a request for comment.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
https://www.devdiscourse.com/article/law-order/1967498-price…

[Bauer85]

Da lupfts die Decke weg, und hier ist Totenstille?

[Oginvest]

Indonesia allows 37 coal ships to leave as export ban eased

JAKARTA (Reuters): Indonesia allowed 37 vessels loaded with coal to depart on Thursday (Jan 13) in the strongest sign yet that the world's biggest thermal coal exporter is relaxing its ban on shipments.

A senior cabinet minister said in a statement the ban implemented on Jan 1 had been eased for miners that have met a requirement to sell a portion of their output for local power generation, after the state utility procured enough coal to ensure 15 days of operation.

"I request that this is supervised closely so this also becomes a moment for us to improve domestic governance," Coordinating Minister of Maritime and Investment Affairs Luhut Pandjaitan said in the statement on Thursday.

The 37 vessels included 14 ships whose clearance was announced earlier in the week.

The ships can carry a total of about 1 million tonnes of coal, a spokesperson for Luhut said. That compares to exports of around 30 million tonnes of coal in January of 2021 and 2020.

Indonesia set the export ban after state power company Perusahaan Listrik Negara (PLN) reported critically low coal stocks at power plants and said Indonesia was on the brink of widespread power outages.

The ban sent shockwaves through global energy markets, especially in Indonesia's largest coal customers, including Japan and South Korea.

Indonesian authorities blamed its coal supply crisis on miners failing to meet a Domestic Market Obligation (DMO), which requires them to sell 25% of output to local buyers with a price cap at US$70 per tonne for power plants.

The government has been lobbied by coal miners and some of its biggest buyers to ease the export ban.

There were about 120 vessels either loading or waiting to load off Indonesian's coal ports in Kalimantan on the island of Borneo on Wednesday, according to Refinitiv Eikon data.

"We recognise that allowing loaded ships to depart is a small step in easing and progress needs to be made towards lifting the export ban," research group CreditSights said.

"Indonesia's government will monitor DMO compliance every month, which we think will help to avoid the abrupt imposition of coal export bans in the future," it said in a note.

Energy minister Arifin Tasrif in a parliamentary hearing on Thursday was asked about the DMO implementation and export ban, while a number of parliament members called for greater transparency over DMO compliance.

"The plan of easing the coal export ban is taking place and will continue to be evaluated and we will ensure that the vessels that have been allowed to export are those which have fulfilled the DMO," Arifin told parliament members.

The investment ministry said in its statement that mining companies that had met their sales contract with PLN and 100% of their DMO requirements for 2021 would be allowed to begin exporting.

Without naming the companies, Arifin said there were 47 miners which had surpassed their DMO requirement and 32 miners which had fulfilled between 75% to 100% of their domestic responsibilities.

Miners that had not fulfilled their PLN contracts and DMO would face fines, he added.

Citi in a research note on Jan. 5 estimated around 490 out of 631 coal miners in the country had not yet fulfilled their DMO obligation. These 490 coal miners represent about 35%-40% of Indonesia's total production, it said.

Indonesia's two largest coal groups, PT Bumi Resources and Adaro Energy, as well as state coal miner Bukit Asam, were among companies who said in stock exchange filings they have met DMO requirements.

Bumi Resources director Dileep Srivastava said on Thursday the company was awaiting formal confirmation from the government but said an easing would be a positive development.

An Adaro spokesperson said its ships were yet to leave port as of Thursday morning.
https://www.thestar.com.my/aseanplus/aseanplus-news/2022/01/…