S African miner Thungela's 2024 profits fall sharply as coal prices slump

Thungela Resources Limited (Thungela), a leading thermal coal producer and exporter in South Africa, has reaped profit of R3.5 billion ($194.8 million) for 2024, lower by a marked 29% compared to the previous year's R4.9 billion, according to the company's latest annual financial results issued on March 17.

The firm attributed the sharp drop in profit to the softer thermal coal prices last year, with dwindled demand from its major coal buyer Europe, where milder winter weather conditions curbed the region's electricity needs and led to higher coal and gas stocks, the report said. Additionally, Thungela's coal products