Member Info for Gubby

Hi Tedmak,

Sorry for the confusion.

I've just "downloaded" the May 6th 102 page graphical presentation and opened it with Adobe, I've just found out Adobe lets you search (...yes I am almost backwards with computers...). Put "royalties" in the search box, there are 2 references and 0 for "royalty". I think it's classed as "Other Cash Costs".
Do the same with the 83 page "Condensed Consolidated Interims" and enter "royalty" in the search box, there are 4 references and 0 for royalties.

Hope it helps.

View Webcast Recording: https://ccwebcast.eu/links/thungela210506
Download Presentation: Thungela Capital Markets Day Presentation - 6 May
Download Transcript: Thungela Capital Markets Day Transcript

Hi tedmak,

The 11%?......., do you mean the margin that we pay to Anglo for the Marketing Fee....and is it included in our reduction from Benchmark Price? If it's not then I apologise, but if you do then I'm sure you'll be pleased to know that yes it is included.
If you look at Page 22 from the 102 page graphical presentation from May 6th, you'll see the Benchmark Price of R1082 on the left and our Realised Price of R798 on the right. The central area is the -26% broken down which includes Calorific and Quality Discounts and also the Marketing Fee.

As to the amount we actually pay to Anglo...... it's all a bit murky, but it is certainly nowhere near 11% at the moment.
If you take a look at Page 37 of the May 6th Transcript Deon Smith states,

"Whilst we haven’t disclosed the percentage of the so-called marketing fee, at spot today it’s around $1 a ton so you can calculate broadly what that is, which we believe is absolutely arm’s length in market related terms. The actual realised price per ton that we get is not based off an Anglo American assessment but rather the benchmark price. So that’s an observable price that we will monitor. And it’s also based, Tim, where there are discounts off a combination of broker notes, so independently verified. In order to ensure that we and Bernard can keep a tab on that price realisation to ensure that that truly reflects what the market has on offer. Clearly there is some value for Anglo American in trading off the back of our equity coal by adding third party coals and the like, but that’s outside of our asset perimeter so to speak."

All the best.

https://www.miningweekly.com/article/weekly-sa-coal-report-2021-08-30

https://www.miningweekly.com/article/transnet-minerals-council-to-strengthen-cooperation-to-improve-network-operations-2021-08-24

Thungela also had discussions recently to discuss improvements in the rail infrastructure with Transnet. It can only be positive.

Also the Putin post from earlier contains a Mining Weekly link which give the weekly average prices for RBCT API4 for the last month. Hope it helps. :-)

Hi rylidan,

Newcastle thermal is Australian and yes it's thermal, but the prices sometimes march up and down together, diverge or cross over. You've answered a question for me though... the TE data is for the Newcastle benchmark. We need to concentrate on the Richards Bay Coal Terminal API4 which is the benchmark we use. It's for 6000kcal/kg and we deduct our % against that.

Hi rylidan,

I love looking at the Trading Economics prices too...but don't forget this is not a forward of RBCT API4. It may not even be thermal coal and may not be South Africa, but the figures are fun to look at......:-)

Thanks RVO.

I've resigned myself to probably not being exactly up to date with the prices, but the Mining Weekly spot price weekly averages confirmed my daily checks, but to be honest when the company communicate their figures they'll give their averages and discount and that's what we'll adhere to....I had a look last night at the dates for the Anglo announcements and they've been giving updates on Tuesdays and Thursdays 22, 23, 24 Oct....If they stick to the Anglo timetable...if...maybe an update Thursday 21 Oct...?

....which we could do without, but then India's demand is rising, which is good for us.

Weekly average RBCT spot prices at the top of the article.

https://www.miningweekly.com/article/weekly-coal-index-report-2021-08-23

Hi Helu0104,

Thanks for that....it is one of the very many sites i have been looking at to try and make some sense>

Many thanks RVO,

I'll stick to averaging and checking the various sites.....it's good to know the daily price, but not the end of the world if it's not completely correct.

Thank you Kenny-G.

There was a point to my question.
I still do not know today's price for RBCT API4. I did think I may have found it once weeks ago, but then I posted the link asking if it was correct and nobody answered. It really isn't the Holy Grail, but I'm sure we could find the price between us and share it, maybe. Then maybe stick to it.
I would never have been interested in South African coal, but then some shares popped up in an account and voila, here I am.
Any help is very much appreciated, but there is quite a bit of misinformation(probably unintentionally), being passed about....

TVM Kenny-G, but it is incorrect.

A PE of 6/7 would be fansastic, but check EXXARO.

I'd hope for an even higher PE in my dreams, but whether things turn out like that.....?

I'll let you know in 6 months... :-)

Hi TM,

after all your exhaustive research could you please tell the price today of the API4 price for RBCT?

Thanks in advance.

https://www.miningweekly.com/article/thermal-coal-price-recovery-buoys-thungela-maiden-interim-2021-08-13

More like we won't have to cough up for this stuff-

"Profit for the reporting period was impacted significantly by the restructuring costs and termination
benefits incurred in the first half of 2021. These costs relate primarily to two matters:
• Additional costs incurred in placing Bokgoni on care and maintenance in the first quarter
of 2021 amounting to R193 million; and
• Costs relating to the Demerger amounting to R193 million, of which R138 million related to
the accelerated vesting of the Anglo American share awards, which were settled as part of
the Demerger, and a further R55 million related to costs incurred to execute the Demerger.
1 Refer to Annexure 1 from page 63 of this document for further detail on the APM's.
Reviewed condensed consolidated interim financial statements for the six months ended 30 June 2021 11
Profit for the reporting period was further impacted by a fair value loss of R584 million on the
derivative asset relating to the Capital Support Agreement with Anglo American. Given the relatively
higher benchmark thermal coal prices observed currently compared to when the agreement was
signed in March 2021, it is unlikely that the Group will draw on the additional capital support
available as set out in the agreement. Thus, an adjustment has been processed to reflect the
derivative asset at its fair value at 30 June 2021. This agreement has not resulted in any cash in or
outflow to date for the Group."

The above is from the H1 21 consolidated interims.

https://thungela.s3.eu-west-1.amazonaws.com/downloads/investors/TGA-Interim-Results-2021-Report.pdf

https://www.youtube.com/watch?v=DGhO-qoVCkY

TVM Kenny-G,

https://www.miningmx.com/top-story/47170-thungela-registers-strong-debut-with-dividend-outperformance-in-the-air/

6.68mt export so another 8.5ish mt to get to 15-16.
That should bring exports up about a third by y/e.
With heightened prices, lower % reduction against benchmark and lower capex end of year results should be stonking.

$