Australian thermal coal leaves investors cold

"We are already at the point where production will drop by around a million tonnes next year regardless of any actions that can be taken now,” said the company.

The miner and trading house ranks now among the top three on the JSE in terms of market capitalization.

Stake increased to 25%.

"Thank China, thank Western Australia, and thank iron ore."

Record sales to China expanding a bull market.

The underground mine is expected to be in operation for 40 years producing up to 11 million tonnes per year of thermal coal.

Australian miners are cutting back on large capex projects and taking a sledgehammer to costs.

Thanks to an unexpected price increase for the steel-making material.

At present, rail in the Pilbara is owned by Rio Tinto, BHP and Fortescue.