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Thungela Resources Trading Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading Update summary9 Dec, 2025
Operational performance and production
Maintained a fatality-free record for nearly three years, supporting strong production momentum.
South African export saleable production is expected to exceed guidance, reaching 13.7 million tons, driven by Annea ramp-up and strong Mafube performance.
Ensham in Australia is set to deliver 3.8 million tons, within guidance, despite earlier geological challenges and contracts for lower quality coal.
Improved Transnet Freight Rail performance, with annualized rate up to 56.6 million tons, benefiting operations.
Export equity sales in South Africa expected at 13.6Mt, up from 12.6Mt, enabled by higher production and improved rail.
Market conditions and pricing
Thermal coal prices declined in 2025, with Richards Bay averaging $89.63/ton (down from $105.30/ton in 2024) and Newcastle at $105.11/ton (down from $134.85/ton); Newcastle hit a four-year low of ~$90/ton in September.
South African coal achieved a price of $76/ton, reflecting wider discounts and margin pressure.
Demand from China and India was below expectations, with Indian steelmakers shifting to lower-cost imports.
Forward price curve is in contango, indicating expected price recovery into 2026 and 2027.
Global economic uncertainty and currency strength impacted competitiveness and demand.
Costs, CapEx, and financials
South Africa's FOB cost per ton is expected below guidance, aided by a non-cash rehabilitation adjustment and strong production.
CapEx for 2025 in South Africa is ZAR 2.6 billion (ZAR 1.4 billion sustaining, ZAR 1.2 billion expansion), with major projects at Annea and Zibulo North Shaft nearing completion.
Australia’s sustaining CapEx is ZAR 650 million, below guidance due to phasing.
Net cash at year-end expected between ZAR 4.9–5.2 billion, including ZAR 1.2 billion from FX derivatives.
Returned ZAR 2.1 billion to shareholders via dividends and buybacks in 2025, with 4.86 million shares repurchased for ZAR 468 million.
Update on PPE carrying value assessment
Future production profile post-transition
Capital allocation strategy in low price environment
When will new volume projects be approved?
Current cash flow ex-hedges after sustaining CapEx?
Board's view on cash buffer reduction
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Next Thungela Resources earnings date
H2 202516 Mar, 2026
Next Thungela Resources earnings date
H2 202516 Mar, 2026
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Thungela Resources Limited is a mining company engaged in the exploration, production, and export of thermal coal. The company operates a portfolio of coal assets, primarily serving power generation markets in South Africa and internationally. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the Johannesburg Stock Exchange (JSE) and the London Stock Exchange (LSE).
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