Thungela Resources profit slumped almost 60% due to lower prices and rail disruptions.
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GUEST - July Ndlovu - Thungela Resources CEO
The miner cut the half-year dividend to R2 per share (R281 million), down from R10 previously, after its profit fell 61% to about R1.2 billion in the six months to end June.
During the period energy prices continued to fall, mainly driven by the milder European and Northeast Asian winter season, which resulted in elevated coal and gas stock levels.
The group however, bolstered shareholder returns in the form of share buybacks of up to R160 million, bringing total returns to R441 million for its first half.
The miner cut the half-year dividend to R2 per share (R281 million), down from R10 previously, after its profit fell 61% to about R1.2 billion in the six months to end June.
During the period energy prices continued to fall, mainly driven by the milder European and Northeast Asian winter season, which resulted in elevated coal and gas stock levels.
The group however, bolstered shareholder returns in the form of share buybacks of up to R160 million, bringing total returns to R441 million for its first half.