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With a catchy name, clean balance sheet and focus on the developing world, South African mining company Thungela Resources (TGA) could be the next feel-good investment on the FTSE 350. On 7 June, when the company joined the London and Johannesburg stock exchanges, chief executive July Ndlovu said the company mission was to provide “affordable energy to both our customers in the developing world, and South Africa”.
But at the company’s capital markets day back in May, the executive head of marketing, Bernard Dalton, felt the need to explain he was telling people “actual facts and not always necessarily what the audience may want to hear”. That’s a defensive statement for a company that was then gearing up to list on two of the world's largest stock exchanges.