South Africa’s thermal coal exporter Thungela Resources expects its full-year profit to double, as demand and higher prices for the fossil fuel offset the negative impact of poor rail performance on its export shipments. Reuters reports that the company said coal prices had been driven by demand, especially from Europe, whose energy supplies have been disrupted following major fuel exporter Russia’s invasion of Ukraine. Benchmark coal prices averaged $276.57 per tonne for the year to date, compared to $124.11 per tonne last year.
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