The soaring profits unveiled by Australian miners this week were a beacon of light amid the gloom dominating economic headlines.

The Perth-based company wouldn’t be investing in new metallurgical coal projects, and would wind down its business in the fuel, CEO said.

The world's biggest producer of manganese said its underlying earnings for the year ended June 30 came in at $2.6 billion, compared with $489 million a year ago.

Russia is one of the world’s top three coal exporters, controlling about 17% of the global shipments.

Thungela Resources is the best-performing stock in Johannesburg this year.

The union's plan to take strike action comes as Australian coal miners are seeing a boom in business.