South Africa's profits soar as Europe flocks for coal

[rvZA]

According to Reuters news agency, Johannesburg-based Thungela Resources reported on Monday that its half-year profits were 20-times higher than the year before. It added that as a coal exporter, South Africa's coal sales to Europe have risen eight-fold.

Coal prices have been driven to record highs following the increased gas-to-coal switching due to the Russia-Ukraine conflict, with Thungela reporting headline earnings per share (HEPS) R67.23 rand for the six months to June 30, up from R3.05 rand a year earlier.

Furthermore, Thungela which is part of a consortium that owns Africa’s largest coal export facility, said Europe is currently competing with Asia for South African coal. However, company CEO said South Africa was unable to take full advantage of the situation due to its deteriorating infrastructure.

Meanwhile, the European Union’s ban on coal imports from Russia as part of its sanctions due to the Ukraine conflict came into effect on August 10.

https://www.iol.co.za/news/world/south-africas-profits-soar-as-europe-flocks-for-coal-739894d6-b99f-4362-8afb-b2ef3c4e642c

 

[rvZA]

I really do hope we are not selling our coal to Europe. We need our own coal, build more power stations to provide ourselves with sufficient power first.

 

[Goosfrabba]

Santa might have to rethink the coal in our stockings if the price keeps rising

 

[Pak Fa Fui]

Altogether now, Thank you Russia

 

[Lupus]

I really do hope we are not selling our coal to Europe. We need our own coal, build more power stations to provide ourselves with sufficient power first.

How do you think they are making the profit??

 

[Temujin]

Dirty europeans killing the planet

 

[Neptuner]

Hiding behind "EU" ... so convenient.

SA probably has a limitation in exporting. Our rail system won't be able to compete with the numbers Russia has been supplying.

 

[LCBXX]

Altogether now, Thank you Russia

Nope.
Thank you woke climate-change hysterics.

 

[RVQ]

Still don't understand why the EU is not looking into new nuclear power stations, their dependence on other nations to provide fuel for coal and gas is such a risk to the regions energy security. Glad UK is at least completing new nuclear stations and planning new ones...

 

[Hamster]

Dirty europeans killing the planet

These ****ers will do anything and everything except build a nuclear power station.

 

[Hamster]

Still don't understand why the EU

It's the Germans really. They oppose nuclear but also oppose an embargo on Russian oil and gas.

ie. No to nuclear, yes to Russian energy exports

 

[neoprema]

Still don't understand why the EU is not looking into new nuclear power stations, their dependence on other nations to provide fuel for coal and gas is such a risk to the regions energy security. Glad UK is at least completing new nuclear stations and planning new ones...

I was talking to someone in that industry a few weeks ago. The problem is the preception of nuclear in the public is not good. People hear the words, and panic, protest, riots and anti-nuclear groups will sprout around every corner. They will struggle to find anywhere to build it without being tied up in litigation and issues.

Which is sad, because we have made A LOT of technological and process enhancements to nuclear facilities and yet 90% or more of the ones we're basing our "fears" on are from designs made in the 60s. Build one now, with what we know now, and it will be light-years safer than what's already existing.

 

[skimread]

This is why coal on trucks delivering to Eskom are being stolen and we are getting more loadshedding

 

[ShaunSA]

Wait till St Greta addresses the EU

I'm sure she's busy arranging a flight as we speak

 

[Harmonic]

Wait till St Greta addresses the EU

I'm sure she's busy arranging a flight as we speak

How dare you!

 

[ShaunSA]

How dare you!

My deepest apologies

I should have used her full title

St Greta The Magnifice*nt

*feel free to replace with another vowel of your choice

 

[Harmonic]

My deepest apologies

I should have used her full title

St Greta The Magnific***

*feel free to replace with another vowel of your choice

There, fixed it for you

 

[RedViking]

Paid with the blood of the people, killed by the 1000's trucks on the roads due to Transnet rails in shambles. Nevermind the damage to infrastructure.

 

[ShaunSA]

Paid with the blood of the people, killed by the 1000's trucks on the roads due to Transnet rails in shambles. Nevermind the damage to infrastructure.

We the people made our choice

So you can take your concern and sod off

 

[ForceFate]

I really do hope we are not selling our coal to Europe. We need our own coal, build more power stations to provide ourselves with sufficient power first.

Coal mines are mostly privately owned, with owners and shareholders looking for handsome returns on their investments. You can't stockpile coal for years waiting for more power stations to be completed.