Thungela Resources (OTCMKTS:TNGRF) Shares Up 4.3% – Should You Buy?

Thungela Resources Limited (OTCMKTS:TNGRF) shares shot up 4.3% during mid-day trading on Wednesday . The company traded as high as $8.8350 and last traded at $8.6743. 3,314 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 20,028 shares. The stock had previously closed at $8.32.

Thungela Resources Stock Down 3.5%

The business has a fifty day moving average price of $8.95 and a 200-day moving average price of $6.77.

Thungela Resources Company Profile

Thungela Resources plc is a thermal coal producer with its core operations located in South Africa’s Mpumalanga region. The company operates a portfolio of open-pit coal mines that supply primarily thermal coal to domestic power producers and export customers. Its mines deliver coal for electricity generation in South Africa and for export markets across Asia and Europe, offering both standard steam coal and higher?energy products tailored to customer specifications.

Formed in June 2021 through a spin-out from Anglo American plc, Thungela Resources inherited a vertically integrated mining platform with established infrastructure and long-term offtake agreements.