South African coal exporter Thungela Resources is weighing opportunities to invest in new mines as it anticipates strong demand for the type of fuel it produces.<\/p>\n\n\n\n
The Johannesburg- and London-listed company said on Monday that first-half profit rose almost sixfold (461%) to R1.4 billion, compared with the same period last year.<\/p>\n\n\n\n
The group declared an interim dividend of 550 cents, up 175% from 200 cents last year.<\/p>\n\n\n\n
Thungela attributed the improvement to better prices received for its coal and higher sales volumes.<\/p>\n\n\n\n
The firm, which owns mines in South Africa and an operation in Australia producing coal mainly burned to generate electricity, is \u201ctargeting assets where we see an opportunity for us to add value,\u201d Chief Executive Officer Moses Madondo said in an interview.<\/p>\n\n\n\n
Thungela, which acquired its sole overseas mine three years ago, generated almost half of its R15.2 billion revenue in the first six months of the year through sales to India.<\/p>\n\n\n\n
Despite the South Asian nation\u2019s push to rely more on domestic coal production, Madondo is optimistic about his company\u2019s future in supplying high-carbon material to India\u2019s iron industry and power plants. \u201cTheir demand for coal is going to be massive,\u201d he said.<\/p>\n\n\n\n
Against the backdrop of the war in Iran, \u201cbenchmark thermal coal prices strengthened relative to the prior year, supported by higher oil and gas prices and concerns regarding global energy security,\u201d Thungela said when announcing its results.<\/p>\n","protected":false},"excerpt":{"rendered":"
Thungela Resources is looking to expand, as it anticipates strong demand for its products.<\/p>\n","protected":false},"author":59,"featured_media":830516,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"posted","_sma_x_autopost_error":"","_sma_x_post_id":"2089313805138342308","_sma_facebook_post_id":"191437357620492_2178786669608399","_sma_instagram_post_id":"18194015140379324","_sma_x_attempts":1,"footnotes":""},"categories":[9872],"tags":[869,26190,17489],"class_list":["post-870537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-india","tag-moses-madondo","tag-thungela-resources"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/870537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=870537"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/870537\/revisions"}],"predecessor-version":[{"id":870546,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/870537\/revisions\/870546"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/830516"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=870537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=870537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=870537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}