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 - CITI - Analyst
: So first question, for Ensham, your implied second half cost is around ZAR14,000, just using the midpoint of your guidance for volume and costs
and nearly sort of ZAR300 lower half-on-half. Is there any absolute cost reduction plans or programs there? Or is it entirely driven by higher volumes
over there? And secondly, can you also remind us of the current contract structure at Ensham and what your plans are for next year as the contract
negotiations come through?
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AUGUST 18, 2025 / 10:00AM, TGAJ.J - Half Year 2025 Thungela Resources Ltd Earnings Call
Question: Ephrem Ravi - CITI - Analyst
: Yes. I mean, basically, I was just taking the implied second half cost.
Question: Thobela Bixa - Nedbank Capital - Analyst
: A couple of questions from my end. July, you mentioned earlier on that the premium or discount will revert back -- at Ensham will revert back to
what we saw last year, which I think was roughly 8%. So effectively, I mean, just to confirm, is that the case? And would that, therefore, imply that
you expect a much wider discount in the second half? That's my first question.
Question: Thobela Bixa - Nedbank Capital - Analyst
: Okay. No, I got you loud and clear. And then some other question. So I mean, if we look at Ensham's production or operational performance, it
seems to be -- well, it doesn't seem, it is a complete reversal of what we saw last year. I mean, I think last year, you were shooting the lights out. So
I guess the question is what is the normalized level at Ensham in terms of production and also FOB cost beyond just the second half of 2025?
Question: Thobela Bixa - Nedbank Capital - Analyst
: Okay. July will definitely hold the next CEO to that (inaudible) And then one final question for me is just for the -- for the second half, what sort of
foreign currency hedges that you guys currently have in place? And how much of that?
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