https://www.miningweekly.com

PIC lifts shareholding in Thungela

11th April 2022

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

The Public Investment Corporation (PIC) has increased its shareholding in coal miner Thungela Resources from 8.033% to 9.925% on April 8.

This follows what Thungela CEO July Ndlovu earlier in April described as a “comeback for coal” as European demand rises.

As European utilities are seeking to mitigate shortages of natural gas from Russia and curb fuel imports from the country overall, coal has become the fuel of choice amid the Ukraine war.

Ndlovu told stakeholders during the Coalsafe conference that Europe’s coal burn rate was currently the highest it has been in 30 years.

Thungela’s share price has increased more than 90% since Russia invaded Ukraine on February 24. Simultaneously, the thermal coal price has increased about 56% since the beginning of the year.

The company produces thermal coal from seven mining operations in South Africa.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION