The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Ephrem Ravi - Citigroup Inc - Analyst
: Thank you. Two questions from my side. Firstly, the guidance, you said, basically, assumes the top in assumes about 54 million tons on TFR
performance, did that, I hear that number correct and if I did, -- it is, given that your second half, rate has been higher than that, on TFR, does this
kind of imply some degree of conservatism on coal mines kind of not being profitable at current sort of low coal prices? That's the first question.
And secondly on the TFR performance itself, can you kind of give us some color on to any changes you made to the long, the contract extension
to 2028, in terms of, increased performance metrics or kind of incentives for on time delivery things like that. Thank you.
Question: Ephrem Ravi - Citigroup Inc - Analyst
: Thank you.
Question: Brian Morgan - RMB Morgan Stanley - Analyst
: Hi guys. Thanks very much for the Q&A time. A couple of questions from my side, but can we get started on Ensham? It looks like it'll be losing quite
a lot of money at spot. But I think one of the mitigating factors might be the contract prices, at least in the short term. So could you just give us a
bit of color on, what percentages contracted at what pricing?
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MARCH 17, 2025 / 10:00AM, TGAJ.J - Full Year 2025 Thungela Resources Ltd Earnings Call
Question: Brian Morgan - RMB Morgan Stanley - Analyst
: Okay. So if we're looking at 8% discount last year, then it'll be similar at.
Question: Brian Morgan - RMB Morgan Stanley - Analyst
: Okay, cool. Thanks. And then can you just run us through the tolerance for cash at what point do you pull the plug?
Question: Brian Morgan - RMB Morgan Stanley - Analyst
: Okay, cool. Thanks, July. Can I move on to South Africa? Just in terms of the theme of the reporting season has been the upcoming RFI coming out
of the [DRT] for rail concessions. Just trying to get your angle on that, and whether you think this is a meaningful thing and whether you'll be
participating.
Question: Brian Morgan - RMB Morgan Stanley - Analyst
: Okay, thanks. July. If I may just squeeze one last one in, [Cecil] said that they're no longer going to be exporting coal presume that allocation will
be available for lease. Is that something you'll be looking at?
Question: Brian Morgan - RMB Morgan Stanley - Analyst
: That's all from my side. Thank you.
Question: Tim Clark - SBG Securities - Analyst
: Thank you very much. My question just relates to your comments about, expected fault, faulted areas at Ensham for the year ahead. And then also
the sort of transition period, at Zibulo and Elders. I suppose what I'm asking is, for 2026 then. Would you expect a bit of an improvement for both
of those as the projects ramp up and as you move through those fault areas or is this just mining as it is, in the old bodies at this stage?
Question: Tim Clark - SBG Securities - Analyst
: Thanks, July. That's very helpful. Just my second question, you've obviously elevated the importance of the Lephalale gas project this morning,
and I wonder if you could give us some feedback or sense of time frames around this. How long will the pilot plant take the testing? Does it, the
feasibility? What kind of time frame should we be thinking on this project?
Question: Tim Clark - SBG Securities - Analyst
: Okay, well. Thank you very much, July.
Question: Thobela Bixa - Nedbank - Analyst
: Thank you, so much and great results. Well done, guys. So July, just on your last comment, actually, I was hoping to elevate that cold methane
project there. So you've previously operated about five wells in that project. Could you just tell us as to what have been the learning so far been?
And I guess, what are you over and above building the plant? What are you hoping to achieve with the ZAR400 million investment into the project?
Thank you. That's the first set of questions.
Question: Thobela Bixa - Nedbank - Analyst
: Thank you for that answer, July. And then, Deon, could you just expand on the investments that you're currently making into the various funds,
whether in South Africa or Australia, sort of what are the targets for these funds and when do you expect to meet those targets, if any?
Question: Thobela Bixa - Nedbank - Analyst
: Thanks for that. And then my last question is just on the markets looking at the sports prices or sort of you assume prices for Australia as well as
South Africa, you assume prices are sort of ahead of where sport is. Could you just give us some sort of, color as to when do you expect the prices
to recover and what do you think is likely to drive the price recovery in 2025?
Question: Thobela Bixa - Nedbank - Analyst
: Okay. Thank you so much for that. And July, all the best with your future endeavors. Thank you.
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MARCH 17, 2025 / 10:00AM, TGAJ.J - Full Year 2025 Thungela Resources Ltd Earnings Call
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