Caution, share price is too high, page-1335

Thungela is a South African coal miner. The comment below is from their annual results for 2022.
They expect it to get worse this year, and just diversified by buying Ensham mine in Qld.

These results have been achieved against the backdrop of various challenges in South Africa, primarily a deterioration in Transnet Freight Rail ("TFR") performance, a rise in illegal mining activity, and increased incidents of power interruption. TFR performance continued to deteriorate in the second half of the year - from an annualised industry rate of 53.3Mt in H1 2022, down to an expected annualised rate of 49.0Mt in H2 2022. Poor rail performance impacted our ability to move coal to port, with a concomitant impact on export sales. The poor performance was further exacerbated by a 12 day strike by Transnet employees in October 2022, as well as a severe derailment on the coal corridor in early November which took 10 days to clear.