South African coal mining giant swings to a R7 billion loss

South African coal miner Thungela Resources reported a full-year loss on Monday, hit by a decline in prices.

The thermal coal exporter reported a headline loss per share of R6.47 in the year ended 31 December 2025, from headline earnings per share of R25.59 the previous year.

Thungela’s revenue fell 17% to R29.6 billion in 2025, dragged down by lower benchmark coal prices and a stronger South African rand exchange rate against the US dollar. The miner reported a loss of R7.11 billion for the year.

The international thermal coal market was depressed throughout 2025, mainly due to weak demand in China and India, key coal-consuming countries.

The two Asian countries have expanded domestic coal production while advancing alternative energy sources, Thungela said.

The company’s average realised export price for its South African coal was 20% lower compared with the previous year, while prices for its Australian output were down 17%.

Thungela declared a final dividend of R2 per share, bringing the total payout for 2025 to R4 per share.