Thungela warns of lower earnings on back of Ensham deal
JSE-listed coal miner Thungela Resources has informed shareholders that its earnings per share (EPS) for the year ended December 31 will be between R88 and R93 lower, at between R34 and R39 apiece, than the EPS of R127 reported for the prior financial year.
Earnings attributable to shareholders are expected to be between R4.6-billion and R5.3-billion.
The earnings numbers account for varoius one-off, non-cash adjustments related to the acquisition of the Ensham business, in Australia, as well as related accounting treatment thereof, the coal miner points out.
Thungela in August last year acquired a majority shareholding in Sungela Holdings, which, in turn, acquired an 85% interest in the Ensham business.
The acquisition marks a signficant step in Thungela’s strategy to pursue geographic diversification. It will also provide the group access to new markets and exposure to the Newcastle export coal price.
The Ensham mine is expected to have produced about 2.7-million tonnes of export saleable production in 2023.
The company will release its full results for the 2023 financial year on March 18.
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