Mgojo blames Exxaro’s 30% plunge in coal exports to “one of worst rail performances”
By Brendan Ryan | Mining MX
EXXARO Resources churned profits and dividends in the six months to end-June but that was thanks to its non-managed iron ore investments because its core coal business was hammered by Transnet Freight Rail’s (TFR’s) disastrous performance on the coal export line to Richard’s Bay.
Coal export sales plunged 30% to 4.1 million tons (Mt) in the six months to end-June (six months to end-June 2020: 5.9Mt). That’s worse than was predicted in March by Exxaro CEO-elect Nombasa Tsengwa who warned that some two million tons of coal exports were “at risk” for all of 2021 because of TFR’s poor performance.
Tsengwa today told Miningmx that the “at risk” figure on Exxaro’s forecast coal exports for 2021 had been increased to three million tons…Full Story