Thungela Resources (LSE:TGA), the JSE and London-listed thermal coal miner, issued a pre-close trading update for the six months ending 30 June showing materially higher benchmark coal prices year-on-year but a significantly stronger South African rand eroding the rand-denominated benefit.
The Richards Bay benchmark coal price averaged USD104.25 per tonne year to date, up from USD89.53 for full-year 2025, while the Newcastle benchmark averaged USD124.79 per tonne against USD105.37 for the prior full year.
Despite stronger dollar prices, the rand traded at an average of R16.40 per dollar year to date, compared with R18.39 in the first half of 2025, compressing the average realised South African export price in rand terms to R1,437 per tonne, flat against the same period a year earlier.
South African export saleable production is expected at approximately 6.3 million tonnes for the first half, broadly in line with 6.4 million tonnes in H1 2025, with Zibulo experiencing conveyor belt and support services disruptions that Thungela describes as transient; full-year guidance of 13.0 to 13.6 million tonnes is maintained.
Australian subsidiary Ensham is forecast to produce approximately 2.0 million tonnes in the first half, up from 1.6 million tonnes in H1 2025, with full-year guidance of 3.9 to 4.2 million tonnes unchanged.
"Our robust balance sheet position continues to provide resilience and a solid foundation for long-term value creation," said Chief Financial Officer Deon Smith.
Thungela expects to release its interim results on 17 August.
