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Thungela Resources Ltd warned on Friday it expects sharply lower annual earnings and reported that it has sealed its acquisition of the remaining 15% of Australian-based Ensham coal mine. In a trading update, the South Africa-based thermal coal exporter estimates earnings per share at between R 25.00 and R 27.50 in 2024, down by between 27% and 34% from R 37.66 in 2023. Headline EPS is projected to fall to between R 24.00 and R 26.50, from R 34.97, translating to a decline ranging from 24% to 31%. Thungela also said, in a separate filing on Friday, that all the conditions related to its Ensham acquisition have been fulfilled, including approvals from the Foreign Investment Review Board and the relevant government minister. The effective date of the transaction is Friday this week. Thungela announced in December last year it had agreed to buy the remaining 15% of Ensham coal mine from Bowen Investment (Australia) Pty Ltd from A$48 million, or R 553.6 million. The Rosebank-based coal miner assumed operational control of Ensham in September last year after acquiring 85% interest in the coal mine located in the Bowen Basin in Queensland. Thungela expects Ensham to contribute about 35% of its profit before net finance income and tax in 2025. Shares in Thungela were down 2.5% to 472.80 pence Friday in London. They were down 2.6% to R 110.19 in Johannesburg. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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