Golden Energy and Resources (Gear)

What Golden Energy and Resources (Gear) does

Golden Energy and Resources (GEAR) is a Singapore-incorporated, privately-held holding company majority-owned by the Widjaja family through Indonesian-listed parent PT Dian Swastatika Sentosa Tbk (DSS), operating a diversified energy and resources platform primarily anchored in Australian metallurgical coal and gold mining. The company's core operating subsidiaries are Stanmore Resources Limited (59%-owned, ASX-listed) with Queensland metallurgical coal assets; Illawarra Coal Holdings (51%-owned) with New South Wales coking coal assets; and a 50-50 joint venture with EMR Capital in Ravenswood Gold, Queensland's largest gold mine. Across these platforms the company controls an estimated 5.3 billion tonnes of metallurgical coal resources, 359 million tonnes of marketable coal reserves, 4.8 million ounces of contained gold resources, and 2.8 million ounces of gold reserves, with coal handling and preparation plant capacity exceeding 34 million ROM tonnes per annum.

GEAR generates revenue by mining and selling metallurgical coal to global steel manufacturers through long-term offtake agreements and spot market sales at commodity-indexed pricing, and by producing gold sold at market prices or through streaming arrangements — including a US$440 million gold stream with Triple Flag Precious Metals on Ravenswood. Its go-to-market is direct B2B commodity sales, with major M&A executed via consortium structures (notably the US$1.65 billion Illawarra Metallurgical Coal acquisition with M Resources in August 2024) and capital-intensive operations funded through syndicated loans, senior secured bond issuances, and minority equity partners such as EMR Capital and RRJ Capital.

The company is pursuing a multi-pronged expansion: ongoing Australian coal consolidation (Tahmoor Coal acquisition with M Resources in 2026, Eagle Downs in 2024), scaling Ravenswood toward over 200,000 ounces annually by 2028, and extending into renewable energy and digital innovation through GEAR Renewables and the GEAR Innovation Network (GIN) under a stated carbon-neutrality ambition. Governance is led by Executive Chairman Fuganto Widjaja with Group CEO Dwi Prasetyo Suseno and CIO Mark Zhou You Chuan.

Name

Golden Energy and Resources (Gear)

Legal name

Golden Energy and Resources Pte Ltd

Website

https://gear.com.sg

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Golden Energy and Resources (GEAR) is a Singapore-incorporated, privately-held holding company majority-owned by the Widjaja family's DSS, operating Australian metallurgical coal mines (Stanmore Resources, Illawarra Coal) and a 50-50 gold joint venture (Ravenswood Gold) for global steel manufacturers and precious-metals buyers.

Ownership category

akta.pro rank

Product category

Metallurgical Coal Mining

NAICS

Gold Ore and Silver Ore Mining (21222)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industry

Coal & Petcoke Trading & Marketing (EUAGAAAF)

Keywords

• Metallurgical coal mining
• Coking coal production
• Gold mining operations
• Mineral resource extraction
• Renewable energy investments

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Metallurgical Coal Mining and Sales: GEAR generates revenue through mining and selling metallurgical coal from its Australian subsidiaries (Stanmore Resources and Illawarra Coal Holdings). Revenue comes from both long-term offtake contracts and spot market sales of coking coal to steel manufacturers globally.
2. Gold Mining Operations: Revenue from gold production at Ravenswood Gold Mine (50-50 JV with EMR Capital), selling gold at market prices or through streaming arrangements like the Triple Flag deal.
3. Renewable Energy Investments: GEAR Renewables Pte. Ltd. invests in renewable energy projects in Asia, representing the company's transition towards sustainable investments and carbon neutrality goals.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels2 records

Core offering

Golden Energy and Resources (GEAR) is a diversified energy and resources holding company that mines and sells metallurgical (coking) coal from its Australian subsidiaries Illawarra Coal Holdings (51%) and Stanmore Resources (59%, ASX-listed), and produces gold from Ravenswood Gold Mine (50-50 JV with EMR Capital, up to 220koz per annum). It also invests in renewable energy projects in Asia through GEAR Renewables. Products are sold to global steel manufacturers via long-term offtake agreements and spot markets, with gold monetised through streaming arrangements such as the Triple Flag deal.

Product overview

Golden Energy and Resources (GEAR) is a diversified energy and resources company operating primarily in Australia through multiple subsidiaries. The company operates through three main segments: metallurgical coal mining via Illawarra Coal Holdings (51% subsidiary) and Stanmore Resources Limited (59% subsidiary, ASX-listed), gold mining via Ravenswood Gold (50% JV), and renewable energy investments via GEAR Renewables. The company also operates the GEAR Innovation Network (GIN) focused on digital technologies. The overall business model centers on resource extraction and trading across coal and gold assets in Australia, with renewable energy investments aimed at carbon neutrality.

Differentiator

Problem solved

Functional benefit

Brands

• GEAR Innovation Network (GIN): Launched on 29 April 2019, supported by Singapore Economic Development Board, to focus on digital technologies to transform capital expenditure-intensive industries.

Products and services

• Metallurgical (Coking) Coal from Australian Operations Metallurgical (coking) coal sold to global steel manufacturers and commodities traders through long-term offtake agreements and spot market sales. Combined resource base of approximately 5.3 billion tonnes and marketable reserves of about 359 million tonnes across Australian subsidiaries, supported by CHPPs with aggregate capacity above 34 million ROM tonnes per annum.
• Ravenswood Gold (Gold Production) Gold production from the Ravenswood Gold Mine in Queensland, sold at market spot prices to gold buyers/refineries or through streaming arrangements such as the Triple Flag deal (5.5% of payable gold at 10% of spot price for the first 194,200 ounces). Reserve base of 4.8 million ounces contained gold resources and 2.8 million ounces contained gold reserves, with production capacity of up to 220,000 ounces per annum.
• GEAR Renewables (Renewable Energy Investments) Investment vehicle for renewable energy projects in Asia, incorporated in 2019, supporting GEAR's transition towards sustainable investments and carbon neutrality goals.

Quantifiable outcome

• One of the largest global producers of metallurgical coal
• +1 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core, major and minor.

• EMR CapitalcoreStrategic or Co-development Partner · 19 June 202650-50 joint venture partner in Ravenswood Gold Mine in Queensland, Australia. EMR Capital and GEAR jointly own and operate the Ravenswood Gold Mine, which is Queensland's largest gold mine. EMR Capital provides operational expertise and capital for the gold mining operation.
• Triple Flag Precious Metals Corp.majorChannel Partner/ Reseller/ Distributor · 12 June 2026Acquired a $440 million gold stream on Ravenswood Gold Mine, purchasing 5.5% of payable gold production. Triple Flag provides upfront capital to Ravenswood and receives gold deliveries from Q3 2026 through Q2 2028.
• M Resources Pty LtdcoreStrategic or Co-development Partner · 29 August 2024Australian partner in consortium with GEAR for the Illawarra Metallurgical Coal acquisition from South32 (completed August 2024 for US$1.65 billion through GM3 entity). Also partnered on Tahmoor Coal acquisition in 2026.
• Mitsui & Co.minorStrategic or Co-development PartnerOriginally held 20% stake in BHP Mitsui Coal (SMC), which was acquired by GEAR/Stanmore. Stanmore acquired the remaining 20% from Mitsui in 2022, making SMC a wholly-owned subsidiary.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Glencore: World's largest coal and seaborne metallurgical coal trader/producer. Comparable at the macro level for GEAR's blended coal-gold-plus-commodities exposure and global offtake strategy.
• South32: Diversified mining major that divested Illawarra Met Coal and Eagle Downs to GEAR. Comparable as a broad mining/coal peer with similar Australian operating footprint and divestment/portfolio shaping activity.
• BHP Group: Global diversified miner that divested BHP Mitsui Coal to GEAR. Closest incumbent comparable given shared coking coal extraction history in Queensland Bowen Basin and global commodity scale.

Direct peers

• Northern Star Resources: ASX-listed Australian gold major with multi-million-ounce reserves and recently expanded via Saracen merger. Provides benchmark for Australian gold operating scale comparable to Ravenswood.
• Whitehaven Coal: Australia's largest independent coal producer with a metallurgical/thermal mix in NSW and Queensland. Directly comparable to GEAR on Australian coking coal exposure, long-term offtake model, and ASI/Asian steel mill customer base.
• Evolution Mining: Australia-focused mid-cap gold producer with multi-asset production. Comparable for GEAR's gold-segment exposure at Ravenswood given similar Australian footprint and mid-tier gold output profile.
• Coronado Global Resources: US-listed pure-play metallurgical coal producer with flagship Curragh mine in Queensland's Bowen Basin. Most direct peer to GEAR's Stanmore and ICH operations given commodity focus and Australian footprint.
• New Hope Corporation: Australian coal producer with Queensland metallurgical and thermal exposure. Comparable to GEAR on Australian coal operations, offtake-based revenue model, and listed coal-vehicle benchmarking (Stanmore at 59% owned).
• Yancoal Australia: Australia's largest coal exporter, ASX-listed, with metallurgical and thermal coal from the Hunter Valley and Bowen Basin. A direct scale comparable on Australian coal resource base and Asian export focus.

Regional players

• Adaro Energy: Indonesia-listed thermal coal producer and GEAR's nearest regional (ASEAN) coal peer — relevant for benchmarking the historical Indonesian coal assets (BIB, KIM, TKS, BSL) sitting underneath the GEMS subsidiary.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/GEAR_Resources
• LinkedInlinkedin.com/company/gearsg

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries11 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Golden Energy and Resources (Gear)