Japan, Kenya Agree Credit Deal Smaller Than Nairobi First Touted
The loan facility was announced by Japan's foreign ministry in a statement on Wednesday following a meeting between Kenyan President William Ruto and Japanese Prime Minister Shigeru Ishiba in Yokohama on the sidelines of the Tokyo International Conference on African Development, but the amount and terms weren't initially disclosed.
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Thungela Resources Ltd (TNGRF) (H1 2025) Earnings Call Highlights: Navigating Challenges with ...
This article first appeared on GuruFocus. Release Date: August 18, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Thungela Resources Ltd (TNGRF) reported a strong balance sheet with a net cash position of 6.3 billion rand at the end of the reporting period. The company has operated for 2.5 years without a loss of life, highlighting its commitment to safety. Thungela Resources Ltd (TNGRF) increased production year on year in South Africa despite challenging weather conditions. The board approved a distribution of 87% of adjusted operating free cash flow, exceeding the minimum dividend policy, showcasing financial strength. Strategic projects like the Zibulo North shaft and Elders are on schedule and budget, supporting long-term sustainability. Negative Points The company faced a softer pricing environment with benchmark coal prices in South Africa and Australia declining by 9% and 22% respectively. Earnings per share decreased significantly compared to the first half of 2024, driven by weaker coal prices. The company incurred a restructuring cost of 285 million rand related to the closure of certain operations. Production at Enche was impacted by challenging geological conditions, leading to higher costs and lower volumes. The company faces ongoing geopolitical uncertainties and tariff escalations, disrupting global supply chains and demand for energy. Q & A Highlights Warning! GuruFocus has detected 6 Warning Sign with TNGRF. Is TNGRF fairly valued? Test your thesis with our free DCF calculator. Q: For Ensche, your implied second half cost is around 14,000 rand, just using the midpoint of your guidance for volume and costs. Is there any absolute cost reduction plans or programs there, or is it entirely driven by higher volumes? Also, can you remind us of the current contract structure at Ensche and your plans for next year? A: The guidance you're referring to is not 14,000 rand, but 8,400 rand. The cost reduction is primarily driven by higher volumes. We planned for lower production in H1 due to challenging geological conditions, which resulted in stockpiling some production. We expect to meet our productivity numbers in H2. The team is working on cost reduction, but the biggest impact will come from increased production volumes. Q: You mentioned that the premium or discount at Ensche will revert back to what we saw last year, around 8%. Does this imply a wider discount in the second half? A: Yes, the discount is expected to widen in the second half. We have fixed price contracts for about 500,000 tons in the second half, which may yield a small premium. However, for sales without fixed prices, discounts are expected to widen. For the full year, we anticipate a 3% discount on average, implying a 7-8% discount in the second half. Q: What is the normalized level of production and FOB cost at Ensche beyond the second half of 2025? A: We are confident that after navigating the challenging geological conditions and obtaining necessary licenses, Ensche will return to the performance levels seen last year. The team is capable of achieving this, and the current issues are temporary. Q: What foreign currency hedges do you have in place for the second half? A: We have approximately $400 million forward sold at about 1,917 rand to a dollar. If the current spot rate of 1,750 rand prevails, this could result in an additional cash tailwind of 600 million rand, bringing this year's total cash tailwind to about 1.05 billion rand. Q: Are we expecting more restructuring termination costs in the second half of 2025 and 2026? A: The 285 million rand restructuring cost recognized at the end of June 2025 is a one-off cost related to shifting critical skills from Ghudua to Elders. We do not expect this to be repeated. Future closure costs are typically provided for on our balance sheet. Q: Considering the lower quality of the stockpile coal at Ensche, how should we think about the realized price in the second half of 2025? A: The 8% discount from Newcastle benchmark includes recognition of the lower quality stockpile. The quality difference is not material, and domestic prices in Australia are close to export parity pricing, so discounts are not expected to be significantly higher. Q: What is Tungela's appetite for any further acquisitions? A: Our strategic direction remains unchanged. We continue to look for opportunities where we have a right to win, particularly in bulk commodities like coal and Medco, in regions where we operate. Any new opportunities will be communicated when appropriate. Q: Are you expecting any TFR related take or pay cash, similar to those received by peers like Kumba and Sasol? A: We renewed our long-term agreement with TFR, which includes take or pay provisions. We continue to assess TFR's performance and may pursue claims if performance improvements are not met. For the complete transcript of the earnings call, please refer to the full earnings call transcript. Sign in to access your portfolio
