South African coal exporter Thungela Resources Ltd. saw profits plunge by 69% in the first half of the year on weaker coal prices and logistical constraints.
The company, which is the country’s largest shipper of coal for electricity generation, posted record income last year as European demand for the fuel surged after Russia’s invasion of Ukraine, causing prices to reach $450 a ton. Coal is now trading at less than a third of that peak.
“This is an industry issue. We cannot afford not to improve Transnet,” Ndlovu said. “The consequences for South Africa are dire.”
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