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Growing confidence in thermal coal? Thungela snaps up Ensham

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10 February 2023

Growing confidence in thermal coal? Thungela snaps up Ensham

Report summary

In early February, Thungela and its co-investors (Audley and Mayfair) agreed to buy Idemitsu’s 85% stake in Ensham Resources for A$340 million (US$229 million). The transaction signals Thungela’ s first step out of South Africa as it looks to establish itself as a global thermal coal producer. For Idemitsu, looking to reduce its carbon footprint, the sale represents a responsible exit to a listed group.

Table of contents

Tables and charts

This report includes 5 images and tables including:

  • Key facts
  • Economic assumptions
  • Deal-implied prices and benchmark export thermal coal prices
  • Thungela's pro-forma total thermal coal export production (by mine)
  • Ensham location map

What's included

This report contains:

  • Document

    Ensham valuation analysis.xlsx

    XLSX 175.79 KB

  • Document

    Growing confidence in thermal coal? Thungela snaps up Ensham

    PDF 1.02 MB