Thungela CEO attacks research report claiming new JSE listing is "drowning in liabilities."

This morning's debut by new JSE listing, coal mining group Thungela Resources, was tarnished by a research report claiming the company has massively understated liabilities and is essentially worth zero. Tungela's share price lost 10% from early trading levels. The parade-rainer came in the form of a 39-page research report from Boatman Capital, which reckons SA's new legislation on mining rehabilitation will swallow more that the Anglo American coal division spinoff is worth. In this podcast, Thungela CEO July Ndlovu argues the Boatman report is fatally flawed because it assumes draft legislation will be enacted in its current form. He says neogtiations with government, which have already lasted six years, are far from finalised. Veteran mining analyst Peter Major also weighs in. Learn more about your ad choices. Visit megaphone.fm/adchoices