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Has Thungela peaked or will it party on?

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Underground mining at Thungela's Greenside operation.
Underground mining at Thungela's Greenside operation.
Thungela


As global and local equity markets stagnate, it's difficult to ignore the stand-out performance of Thungela Resources, which has enjoyed a 476% rise in its share price over the past year, and this week posted a half-year R9.6 billion profit – up from R351 million in the comparative period.

Having been spun out of Anglo American in June last year, the coal miner listed on the JSE at R25, and investor faith has been paid back in spades. With the share price rocketing past R300, plus handsome dividend payments, Thungela has generated a total shareholder return of 1 138% since listing through to the end of June this year.

As export coal prices remain extraordinarily high – fetching as much as $333 (about R5 486) per ton out of Richards Bay on Tuesday – it's worth asking whether there's more money to be made from Thungela.

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