Thungela

What Thungela does

Thungela Resources Ltd is a pure-play producer and exporter of thermal coal, dual-listed on the Johannesburg Stock Exchange (primary) and the London Stock Exchange (standard listing). The company was established in June 2021 when Anglo American demerged its South African thermal coal assets, and today operates a portfolio of collieries in South Africa's Mpumalanga province — Zibulo, Greenside, Goedehoop, Khwezela, and Mafube (a 50% joint venture with Exxaro) — alongside the Ensham Mine in Queensland, Australia, acquired as part of its international diversification strategy. Group export saleable production reached 17.8Mt in FY2025 (13.9Mt South Africa, 4.0Mt Australia), with approximately 80% of exports directed to power utilities in India and Pakistan via the Richards Bay Coal Terminal and allied port infrastructure.

The company's core product is high-quality, cost-competitive thermal coal sold under FOB terms to power generation utilities and industrial consumers globally, with pricing determined by prevailing seaborne market rates. Thungela achieves FOB costs of R1,170/tonne in South Africa and R1,435/tonne at Ensham, both below guided ranges. Beyond core coal, the company is developing the Lephalale Coal Bed Methane project with a modular LNG demonstration plant targeted for H1 2026 commissioning, representing a first diversification into gas. Revenue streams are bifurcated between export thermal coal sales (the dominant share) and domestic supply under long-term agreements, with Isibonelo's December 2025 cessation marking the conclusion of one such domestic arrangement.

Thungela maintains an integrated ESG framework encompassing a 30% Scope 1 and 2 emission reduction target by 2030 and net zero by 2050, B-BBEE Level 1 certification, and community development programs including the Thuthukani Enterprise and Supplier Development initiative (185 entrepreneurs graduated since 2023) and partnerships with Raizcorp, Black Power Africa, and Mafube/Exxaro. The company employs between 5,001 and 10,000 people, recorded three consecutive fatality-free years, and is led by CEO Moses Madondo following July Ndlovu's August 2025 retirement.

Name

Thungela

Legal name

Thungela Resources Ltd

Website

https://thungela.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Thungela Resources is a pure-play thermal coal producer and exporter operating collieries in South Africa (Mpumalanga) and Australia (Queensland), selling primarily to power utilities in India and Pakistan. Dual-listed on the JSE and LSE following its 2021 demerger from Anglo American.

Ownership category

akta.pro rank

Product category

Thermal Coal Mining and Export

NAICS

Coal and Other Mineral and Ore Merchant Wholesalers (42352)

SIC

Bituminous Coal & Lignite Mining (1220), Wholesale-Metals & Minerals (No Petroleum) (5050)

akta.pro primary industry

Thermal Coal Mining (Steam Coal) (IMAKAIAA)

akta.pro secondary industry

Coal Marketing & Trading (IMAKAIAK)

Keywords

• Thermal coal mining
• Coal export logistics
• Mining operations
• Coal marketing trading
• Mineral resource extraction

Headquarters

HQ city

Johannesburg

HQ country

South Africa

HQ region

Africa

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Thermal Coal Export Sales: Thungela generates revenue primarily through the production and export sale of thermal coal. Group revenue was R29.6 billion for 2025. Export saleable production of 17.8Mt in 2025. The company sells coal through world-class ports to global markets, primarily Asia (India and Pakistan receiving approximately 80% of exports).
2. Domestic Coal Supply: The company also supplies coal domestically under long-term supply agreements. Isibonelo Colliery ceased operations in December 2025 following the conclusion of its long-term domestic coal supply agreement, transitioning to care and maintenance.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Thungela is a pure-play producer and exporter of high-quality, cost-competitive thermal coal, operating South African collieries (Zibulo, Greenside, Goedehoop, Isibonelo, Khwezela, and 50%-owned Mafube) in Mpumalanga and the Ensham Mine in Queensland, Australia. The company sells thermal coal primarily to power generation utilities in Asia (India and Pakistan receive approximately 80% of South African exports) via world-class export ports and Transnet Freight Rail logistics. Group export saleable production totalled 17.8Mt in 2025, generating R29.6 billion in revenue.

Product overview

Thungela is a pure-play producer and exporter of high-quality, cost competitive thermal coal operating in South Africa and Australia. The company's core offering is thermal coal production and export, delivered through a portfolio of collieries including Zibulo, Greenside, Goedehoop, Isibonelo, Khwezela, and Mafube in South Africa, and the Ensham Mine in Australia. Supporting the core coal business is a coal marketing and trading operation, an ESG framework with community development programs (Thuthukani, Thungela Education Initiative), and an innovative Lephalale Coal Bed Methane project for LNG production. The company delivers coal through world-class ports globally, positioning itself as a key player in the global energy market.

Differentiator

Problem solved

Functional benefit

Products and services

• Thermal Coal Production and Export High-quality, cost-competitive thermal coal produced from South African collieries (Zibulo, Greenside, Goedehoop, Isibonelo, Khwezela, and 50%-owned Mafube) and the Ensham Mine in Queensland, Australia. Sold primarily to power generation utilities in Asia (India and Pakistan receive ~80% of South African exports) via world-class ports. Export saleable production of 17.8Mt in 2025.
• Coal Marketing and Trading Thungela's coal marketing and trading operations manage the global distribution and sale of thermal coal produced from its South African and Australian operations, supporting customer relationships and optimising sales across export and domestic markets.
• Ensham Mine Thermal Coal (Australia) High-quality thermal coal produced from the Ensham Mine in Queensland, Australia. Production of 4.0Mt in 2025, with FOB cost per export tonne (excluding royalties) of R1,435. The mine has potential for significant expansion up to ten times current levels pending environmental approvals.
• Lephalale Coal Bed Methane (LCBM) Project An innovative project exploring coal bed methane as an alternative energy source. A modular liquefied natural gas demonstration plant is being commissioned with completion expected in the first half of 2026. Approximately R382 million has been invested in the project.

Quantifiable outcome

• 17.8Mt export saleable production in 2025, exceeding guidance
• +5 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eight partnerships are on record, tiered minor and core.

• Potch PlasticsminorStrategic or Co-development Partner · 24 June 2026Partnership with PVC recycling company Potch Plastics to process used mining gumboots into reusable PVC granules for manufacturing school shoes. The circular economy initiative diverts 4 tonnes of used mining gumboots from landfills, transforming them into durable school shoes for learners in communities surrounding Thungela's Mpumalanga operations. Initially launched at Zibulo Colliery and extended to Greenside and Goedehoop collieries.
• RaizcorpcoreStrategic or Co-development Partner · 21 May 2026Raizcorp serves as the implementation partner for Thungela's Thuthukani Enterprise and Supplier Development programme. Raizcorp provides practical business support with consistent mentorship and guidance to entrepreneurs. The programme has graduated 185 entrepreneurs since 2023, including 49 in the fourth cohort (2026). Programme combines business development support with technical enablement.
• Black Power AfricacoreStrategic or Co-development Partner · 7 May 2026Thungela partnered with Black Power Africa, a black-owned community-based company in eMalahleni, to mine the Schoongezicht mineral residue deposit (MRD). This partnership advances objectives of the MPRDA by promoting equitable access to mineral resources and expanding opportunities for historically disadvantaged persons. Black Power Africa operates independently and is responsible for all remining activities. The project created 15 local jobs and partnered with 5 community-based businesses.
• Mafube Coal (50% JV with Exxaro)coreStrategic or Co-development Partner · 9 April 2026Mafube Coal is a 50% joint venture between Thungela and Exxaro. The JV delivers solar-powered boreholes providing approximately 30,000 litres of water per day to approximately 147 residents of the Kleinfontein farming community. The R3 million water supply project includes borehole and solar power systems, pumps and water storage infrastructure, implemented by Pulsar Africa.
• Transnet Freight RailcoreOthersThungela works collaboratively with Transnet Freight Rail and the National Logistics Crisis Committee to improve coal logistics. Rail performance improved to 56.8Mt in 2025 from 51.9Mt in 2024. The collaboration has resulted in tangible improvements including appointment of alternative OEM for locomotive maintenance and component supply, and introduction of 23 E locomotives on the north coal corridor.
• Richards Bay Coal TerminalcoreOthersThungela exports coal through Richards Bay Coal Terminal, which posted 11% volume increase in 2025 to 57.66MT from 52.08MT in 2024. The terminal handles coal exports with approximately 80% going to Asia (primarily India and Pakistan).
• Sisonke Employee Empowerment SchemecoreOthersEmployee ownership scheme through which Thungela employees participate in company value creation. Will receive R31m in contributions in 2025 plus interim contribution of R31m.
• Nkulo Community Partnership TrustcoreOthersCommunity partnership trust that will receive R31m in contributions in 2025 plus interim contribution of R31m, supporting socio-economic development in host communities.

Scale indicators20 records

Recent moves13 records

Expansion highlights5 records

Direct peers

• Exxaro Resources: South African diversified miner with a major thermal coal business and Thungela's 50% joint venture partner at Mafube Coal. Directly comparable on South African Mpumalanga thermal coal production, export logistics via Richards Bay, and customer base in India/Pakistan.
• Seriti Resources: Major South African thermal coal producer supplying Eskom and export markets. Operates collieries in Mpumalanga with comparable mining methods, customer mix, and B-BBEE transformation focus to Thungela.
• Whitehaven Coal: Australia's largest independent thermal coal producer, exporting from Newcastle. Directly comparable to Thungela's Ensham operation as an Australian seaborne thermal coal producer serving Asian power utilities.
• New Hope Corporation: Queensland-based thermal coal producer exporting via the Port of Brisbane. Comparable to Ensham in terms of Australian geography, mining methods, and Asian customer base.
• Yancoal: Australia's largest pure-play coal producer with significant thermal coal output in New South Wales and Queensland. Comparable scale and Asian export orientation to Thungela's combined South African and Australian portfolio.
• Coronado Global Resources: Listed thermal and metallurgical coal producer with operations in Australia and the US. Comparable to Thungela as a publicly listed pure-play coal exporter serving global steel and power markets.

Broad incumbents

• Glencore: Global diversified miner and major thermal coal exporter via its South African and Australian coal operations. Overlaps with Thungela on seaborne thermal coal markets but operates at vastly larger scale and across multiple commodities.
• Anglo American: Thungela's former parent and a major diversified miner. Anglo American divested its South African thermal coal assets to form Thungela in 2021, making the historical relationship and operational DNA a direct basis for comparison despite Anglo's diversified portfolio.

Emerging players

• Peabody Energy: US-listed thermal coal producer with global operations including Australia. Comparable as a publicly traded pure-play coal company focused on thermal exports to Asian power markets, though with primary production geography in the US Powder River Basin and Illinois Basin.
• Arch Resources: US thermal coal producer with Powder River Basin and metallurgical coal exposure. Comparable as a listed pure-play coal producer navigating energy transition, though operating in a different geographic market (US domestic and seaborne metallurgical).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/thungela

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thungela