Thungela Resources Ltd said on Tuesday it coal prices remain depressed and warned that global economic activity was still uncertain.
In a pre-close statement, the Rosebank-based thermal coal producer also guided for export saleable production from its South African operations of about 13.7 million tonnes in 2025, compared to 13.6 million tonnes in 2024, following the closure of Goedehoop and the ramp-up of Annea Colliery and the hand-over of the Zibulo North Shaft project to the operation.
This South African production guidance is above the range of between 12.8 million tonnes and 13.6 million tonnes, the miner said.
But export saleable production at Ensham in Australia is expected to be around 3.8 million tonnes in 2025, down 7.3% from 4.1 million tonnes in 2024.
The lower expected production in Australia is mainly due to ‘more challenging geology experienced’ in the first half of this year, Thungela said.
Following low coal prices in South Africa and Australia, Thungela said it has observed initial restocking at major import hubs and a gradual recovery in sentiment.
Benchmark coal prices have weakened in 2025, with the Richards Bay Benchmark coal price averaging $89.63 a tonne for the 11 months to November 30, down 17% from $105.30 in 2024.
Over this period, the Newcastle Benchmark coal price has averaged $105.11 per tonne, 28% lower than $134.85.
Seaborne thermal coal prices remain depressed on the back of weak demand in India and China, caused mainly by the uncertainty around the tariffs and lower gas prices, Thungela said.
Thungela intends to release its annual financial results on or about March 23, 2026.
Shares in Thungela were up 2.8% at 414.71 pence in London on Tuesday morning. They rose 3.3% to R 94.30 in Johannesburg midday.
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