To navigate the considerably softer coal prices, as well as inflationary pressures and the underperformance of Transnet Freight Rail, export coal-mining company Thungela has enhanced its business resilience by reducing the number of geology-challenged underground sections and ramping up production at the opencast Khwezela colliery. Khwezela, 22 km southwest of eMalahleni in Mpumalanga, was formed in 2016 through a merger of the mining operations of the Kleinkopje and Landau collieries.
JOHANNESBURG – To navigate the considerably softer coal prices, as well as inflationary pressures and the underperformance of Transnet Freight Rail, export coal-mining company Thungela has enhanced its business resilience by reducing the number of geology-challenged underground sections and ramping up production at the opencast Khwezela colliery.
The anticipated completion of the Elders and Zibulo North Shaft projects, with R3.8-billion yet to be invested, is integral to uplifting portfolio quality and competitiveness and extending the business, Thungela stated in declaring a R10-a-share interim dividend worth R1.4-billion from 33% of operating free cash flow.
A R156-million distribution is being made to employees through the Sisonke Employee Empowerment Scheme and Nkulo Community Partnership Trust. The company contributed R896-million to these trusts in 2022, with the total since listing approaching the R1.4-billion level.Although the total recordable case frequency rate safety measure improved in the half-year from 1.59 last year to 1.
“A consistently performing and well-managed bulk rail infrastructure is critical to the coal mining industry and the South African economy,” said Ndlovu.
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