A mining business dubbed "worthless" not long ago has seen profits jump almost 3,000% thanks to a scramble for coal following Russia's war on Ukraine.
Thungela Resources, which mines coal for power stations in South Africa, posted profits of £485million for the first half of 2022, compared to £17million last year.
The Telegraph says the reversal of fortunes comes less than two years after a City analyst declared the business worthless.
Thungela was spun out of Anglo-American in June 2021 after the FTSE 100 mining giant came under pressure from shareholders to ditch fossil fuels.
At the time, research outfit Boatman Capital argued Anglo-American had been over-optimistic about future coal sales while understating future costs.
"Our valuation of Thungela is zero," Boatman said.
Many countries have been trying to turn their back on coal in recent years due to its impact on global warming. Following commitments at the COP26 United Nations conference on climate change last November, organisers said coal was being "consigned to history".
Demand soars
However, demand for the polluting fossil fuel has soared since Russia's invasion of Ukraine.
The conflict has disrupted global energy supplies.
High gas prices as Russia restricts its flow to Europe have pushed many economies back towards coal as an alternative, even if in some cases it is only temporarily.
In the UK, Business Secretary Kwasi Kwarteng has asked coal-fired power generators due to close in September to stay open this winter in case they are needed for back-up power supplies.
Germany is also reopening mothballed coal power plants, with Germany's Economy Minister, Robert Habeck, describing it as a "necessary evil".
Thungela sold its coal for an average £199 per tonne in the first six months of 2022, compared to £62 per tonne in the same period last year.
The company's shares have soared since the demerger in June 2021, from about 200p to 1,432p - valuing the business at nearly £2billion.