Full Year 2023 Thungela Resources Ltd Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brian Morgan - RMB Morgan Stanley - Analyst : Good afternoon, guys, and thanks for the call. And can I just ask a couple of questions. I don't know if you want them one by one or all in one go, what did you prefer. I didn't get that. So can I just ask on Ensham, obviously the Queensland Government for duties, this royalty regime when coal prices were a lot higher than they are today, it doesn't look sustainable. I mean, you're talking $20 a ton royalty right now on my numbers. If the price drops to $100 to $15 royalties and that'll put Intermet risk of closure, if they continues to sizes sort of royalties. Do you get any sense that the Queensland government would walk back on those royalty arrangements? If prices were to fall further? That's the first question. And then on attention, again, on the operating cost side of things, you obviously go into add the extra the extra volumes that's cool that will help to dilute costs. Can you chat a bit about some other sort of cost initiatives that you've got going on since you've been able to wrap your arms around the mine and what do you think you might be able to do in the longer run and costed in some? And then and could you just chat just a little bit about the bill and others and between them, that's 12 million tonnes, which is pretty much what you're doing right now for the whole. Can you just tell us a little bit about whether once these two operations are fully ramped up over the last X projects are fully ramped up, should we see it a cost tailwind on the group? Or is it kind of just them just sort of steady-state costs right now, which we should be modeling for the future? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 18, 2024 / 10:00AM, TGAJ.J - Full Year 2023 Thungela Resources Ltd Earnings Call

Question: Brian Morgan - RMB Morgan Stanley - Analyst : That's great. Thanks, guys.

Question: Ben Davis - Liberum Capital Limited - Analyst : Thanks, guys, and thanks for the call. Just a couple of questions from me. Firstly, on your of the 2026 outlook that you provided in the report, one, you've got a Ensham stepping up to 4 million tonnes. Does that require any significant CapEx at all given that has been set aside for capital allocation buffer, sort of dividend payout policy. And then secondly, that 11 million tonnes, 2026, is that purely reflective of the mine closures, et cetera? Or is there a kind of an abstract for that because you're being conservative of what you think the Transat outlook is and could you achieve in if it was unrestricted, could you be producing more? Thanks.

Question: Ben Davis - Liberum Capital Limited - Analyst : Great. That's very helpful. Thanks.

Question: Thobela Bixa - Nedbank - Analyst : Thank you, everyone, and thanks for the presentation of goods. Two questions, I think which have not been answered. So one is related to Ensham. Could you just talk to us as to what you have done since taking over the assets that has resulted in improved volumes? That's the first question. And then the second one relates to Goedehoop and Elders, could you just talk to us about the transitioning from Goedehoop to the Elders mine or should we expect in terms of, you know, volumes ramping down and other volumes are ramping up? And then also just if you could talk to some of the costs which are relating to that. Thank you.

Question: Thobela Bixa - Nedbank - Analyst : Good thank you, guys. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 18, 2024 / 10:00AM, TGAJ.J - Full Year 2023 Thungela Resources Ltd Earnings Call