(Alliance News) - Thungela Resources Ltd on Thursday reported its annual earnings were still in line with its previous guidance.
The Rosebank, South Africa-based coal miner expects earnings per share to multiply to between ZAR125 and ZAR129 in 2022 from ZAR61.08 in 2021. Early in December, it projected EPS growth of at least ZAR125.00.
Headline EPS are guided to rise to between ZAR130 and ZAR133, compared to ZAR66.57. Back in December, estimated HEPS is at around ZAR131.00.
In its December trading update, the coal producer said the benchmark coal price has averaged USD276.57 per tonne for the year to November 30, jumping from USD124.11 a tonne last year.
Export saleable production for 2022 is expected to be 12.8 million tonnes, lower than the revised guidance range of between 13.0 million tonnes and 13.6 million tonnes issued in August, and 15% lower than 2021 export saleable production of 15.0 million tonnes, it said at the time.
Thungela also said revised closure cost estimates resulted in a non-cash income statement charge of ZAR1.1 billion in 2022.
The company expects to release its financial year results on March 27.
Shares in Thungela jumped 4.1% to ZAR214.44 on Thursday morning in Johannesburg, while they gained 4.1% to 964.00 pence in London.
By Artwell Dlamini, Alliance News reporter
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Thungela Resources (TGA)