Shares in Thungela Resources, a South African thermal coal exporter, today commenced trading on the commodity counter of the Main Board of the Johannesburg Stock Exchange (JSE).
Thungela Resources, which has its primary listing on the JSE, was created from the demerger and separation by Anglo American’s South African thermal coal assets. Thungela Resources produces 16.5 million tonnes of thermal coal per annum.
Thungela Chief Executive Officer, July Ndlovu said: “We are excited to be listing Thungela today. The Company plays an important role in providing affordable energy to both our customers in the developing world, and South Africa. Our business consists of well-established, well-managed assets that produce high-quality thermal coal, with access to a world-class export infrastructure. Thungela has an enviable cash cost position and is poised to deliver attractive returns to shareholders.”
Welcoming Thungela’s listing, Valdene Reddy, Director of Capital Markets at the JSE, says the newly formed company will continue to make a valuable contribution to South Africa’s mining sector.
“This listing is part of a noticeable trend of corporate restructures and unbundlings in South Africa as companies seek to reposition themselves and unlock shareholder value. The JSE, as a capital raising platform, is well pointed to support these initiatives,” concludes Reddy.
Thungela will be listing in the Energy- Oil, Gas and Coal- Coal sector, increasing the total number of listings in this sector to 8, while the number of companies on the JSE will increase to 331, with an overall market capitalisation of over R18.98 trillion.