Thungela Resources Limited South African rail infrastructure update (2857P)
18 Octubre 2021 - 01:00AM
UK Regulatory
TIDMTGA
RNS Number : 2857P
Thungela Resources Limited
18 October 2021
Thungela Resources Limited
Incorporated in the Republic of South Africa Registration
number: 2021/303811/06
ISIN: ZAE000296554
Share code: TGA
("Thungela" or "Group")
VOLUNTARY UPDATE ON INFRASTRUCTURE CONSTRAINTS AND IMPACT ON
THUNGELA
Following an initial recovery in the performance of Transnet
Freight Rail ("TFR") subsequent to the annual maintenance shutdown
in July 2021, rail performance has continued to deteriorate in the
second half of 2021 ("H2 2021").
Thungela consequently implemented actions to mitigate the impact
on our business. In particular, the third-party sales, which
utilise the rail entitlement of Thungela, have been reduced from
926kt in the first half of 2021 ("H1 2021") to an anticipated 25kt
in H2 2021. The Group has also optimised its export equity sales
mix, prioritising the railing of higher margin products, at lower
volumes, recognising continued rail constraints.
Furthermore, the coal industry has assisted TFR to implement
improved security measures which are expected to contribute to an
improvement in rail performance. This follows several instances of
cable theft and related rail interruptions as widely reported in
the media. The coal industry continues to engage TFR on
opportunities for further improvement.
Notwithstanding the actions already taken by Thungela and TFR,
given the current and expected rail performance levels, some of our
operations may become constrained as a result of reaching stockpile
capacities from November 2021. Thungela continues to monitor rail
performance and its potential impact on our operations, and to
explore further actions that could be required to mitigate such
impacts.
Full year 2021 export saleable production guidance is
accordingly moderated to 14.8Mt - 15.2Mt, from 15Mt - 16Mt as
previously guided. Unless there is an improvement in rail
performance, Thungela is expected to build additional export
inventory stock levels of approximately 1.3mt during H2 2021.
Thungela continues to work together with the South African coal
industry and TFR to improve the levels of infrastructure
availability and performance.
The contents of this voluntary update have not been reviewed or
reported on by the Group's external auditors.
Johannesburg
18 October 2021
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019.
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END
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