Price Risk Manager

An exciting opportunity exists for a Price Risk Manager (Thungela Marketing International) at Thungela to lead and evolve the Group's price risk management capability. This role offers the opportunity to shape and expand the Group's hedging strategy, integrating both financial and physical market exposures to support long-term value creation and effective risk management.

Excellence is the vision. You'll make it a reality.

Thungela Resources [Thungela means "to ignite" in isiZulu] is a leading South African thermal coal business, focused exclusively on thermal coal production. It is one of the largest pure-play producers and exporters of thermal coal in South Africa based on aggregate coal reserves and marketable coal production.

Thungela focuses on exporting its thermal coal portfolio mainly to the Indian, Asian, Southeast Asian, Middle East and North African markets.

Job Description

As the Price Risk Manager, you will take ownership of the Group's price risk management strategy and hedging activities, managing both paper and physical exposures within an integrated "one-book" framework. You will be responsible for executing and optimising hedging strategies in line with Board mandates, while continuously evolving the Group's approach to price risk management.

The role requires a commercially focused mindset with the ability to integrate financial derivatives and physical coal exposures into a unified risk management strategy that supports portfolio optimisation and value creation.

More of your responsibilities will include:

Owning and enhancing the Group's hedging strategy, evolving the current framework to support best-in-class price risk management practices. Managing the hedging process for TMI and the Group in accordance with approved Board mandates and governance requirements. Developing and managing an integrated one-book approach, consolidating financial and physical exposures under a single risk and portfolio view.

Managing and optimising exposure across multiple regions, hubs, pricing indices and market structures. Executing and overseeing paper trading strategies to hedge Group exposure while incorporating physical coal positions where appropriate. Providing tactical hedging direction to Export Marketing Managers to support cargo placement decisions and broader portfolio optimisation.

Defining and driving short-, medium- and long-term hedging strategies that balance risk mitigation with market opportunities. Acting as the central point of accountability for all price risk management activities, including engagement with banks, brokers and internal stakeholders. Providing clear financial derivative instructions and ensuring timely communication with Finance following transaction execution.

Overseeing transaction verification, controls and record management within approved systems. Liaising with Finance to ensure accurate valuation, reporting and accounting treatment of derivative transactions. Building and maintaining robust governance frameworks and ensuring adherence to Board mandates, internal controls and regulatory requirements.

Establishing and overseeing the internal Price Risk Management Steering Committee. Preparing and presenting price risk management updates, recommendations and market insights to Executive and Board Committees. Monitoring thermal coal markets, seaborne pricing, forward curves and broader commodity market developments. Conducting detailed commodity and market analysis to identify trends, opportunities and risks.

Providing strategic market intelligence, price outlooks and hedging recommendations through the integration of fundamental and financial market analysis. Collaborating with the Market Analyst and Export Marketing teams to develop pricing views, market models and short-, medium- and long-term price forecasts. Continuously reviewing market assumptions and recommending adjustments to hedging and commercial strategies.

Proactively advising the business on emerging market opportunities and risks. Managing allocated customers or markets in relation to physical contracts where required. Ensuring full compliance with all relevant regulatory, governance and risk management requirements. Continuously identifying opportunities to strengthen and expand the Group's overall price risk management capability.

Qualifications

• Bachelor's Degree in Finance, Commerce, Marketing or a related field (NQF 7) or equivalent qualification.
• Postgraduate qualification in Finance, Commerce, Marketing or a related discipline will be advantageous.
• Experience
• Minimum of 8 years' experience in price risk management, hedging, trading or related commodity markets, preferably within thermal coal or similar commodity environments.
• Strong experience in financial derivatives, structured hedging strategies and risk management frameworks.
• Experience within a trading house, commodity marketing environment or banking institution.
• Demonstrated experience managing integrated physical and financial exposures.
• Proven track record of developing and implementing price risk management strategies in a complex commercial environment.
• Experience engaging with banks, brokers, senior leadership and governance structures.

Additional Information

Advanced knowledge of derivatives, hedging instruments and price risk management frameworks. Deep understanding of global thermal coal markets, pricing mechanisms and regional market dynamics. Strong knowledge of domestic and export commodity trading environments. Experience operating within a one-book or integrated portfolio management framework.

Strong commercial acumen with the ability to manage cross-regional and cross-market exposures. Advanced analytical, strategic thinking and decision-making capabilities. Strong understanding of governance, compliance and risk management requirements relating to hedging activities. Ability to interpret market data and translate insights into strategic and tactical commercial decisions.

Proficient knowledge of TMI policies, procedures, systems and relevant industry legislation. Strong stakeholder management skills with the ability to influence decision-making across commercial, financial and leadership teams. High levels of accountability, ownership and initiative with the ability to build and mature the price risk management function.