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Thungela Resources, a South African coal mining company, said it managed to acquire more coal assets by raising its production forecast for the fossil fuel, Reuters reported.
This comes after the company's acquisition of an Australian mine last year, as part of a strategy to diversify its sources beyond the domestic market. Insufficient rail capacity in South Africa has hindered companies from exporting coal, prompting Thungela to seek alternative options.
The Ensham mine, acquired by Thungela, is expected to increase its output from 2.9 million tonnes in the previous year to approximately 4 million tonnes by 2026. This expansion could contribute to Thungela's overall production reaching approximately 15 million tonnes.
CEO July Ndlovu emphasized that this growth is crucial as some South African mines are gradually depleting their commercially viable ore reserves.
While maximizing the value of the newly acquired mine remains a priority, Ndlovu stated that Thungela is actively searching for additional coal assets. The company aims to identify high-quality assets at reasonable prices, ensuring opportunities for value creation while maintaining a diligent approach.
Thungela, which was separated from Anglo American in 2021, reported a 73% decline in net profit to 4.97 billion rand ($264.81 million) for the year 2023. This decrease was attributed to lower coal prices and ongoing rail constraints in South Africa.
In light of these results, Thungela proposed a share buyback of $27 million and declared a final dividend of 10 rand per share. Thungela's shares experienced a 5.11% increase at 1002 GMT.
Thungela anticipated a steady output of around 11 million tonnes from its South African operations due to the expiration of certain mines. In 2021, the company shipped about 15 million tonnes of coal, but Ndlovu did not expect South African production to reach those levels again.
(Writing by Riley Liang Editing by Harry Huo)
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