Mining News

Anglo coal spinoff surges as global supply curbs boost prices

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When Anglo American’s South African coal spinoff was listed earlier this month, some shareholders rushed for the exit. Since then it’s risen 77% and some investors predict further gains as prices for the most polluting fossil fuel soar. Thungela Resources tumbled 12% from its opening trade on June 7 in Johannesburg, with a number of investors — who received shares based on their investment in Anglo — unwilling or unable to hold a company that directly exposes them to coal. Since then, Thungela’s rally has been more than triple the next best-performer on the FTSE/JSE Africa All Share Index.

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