SA coal exports to Europe surge


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The company, which was spun off global mining giant Anglo American in June 2021, said it would return R8.2bn to shareholders after declaring a dividend of R60 per share, driving up its share price more than 6%.

However, Thungela CEO July Ndlovu said SA  could not fully take advantage of the strong coal demand due to the limited capacity of the state-owned rail company Transnet to haul the mineral to port.

Poor maintenance, a lack of locomotives and copper cable theft have diminished Transnet’s capacity.

As a result of the rail woes, Thungela has revised its production guidance for 2022 to between 13- and 13.6-million tonnes from the previous 14-15 million range. The company is exploring the possibility of using trucks to haul coal to port.

Reuters

Source: TimesLIVE

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