One of Indonesia’s Largest Coal Reserve Owners
Golden Energy and Resources Limited (or “GEAR”) is a Singapore listed (SGX:AUE) leading energy and resources company in the Asia Pacific region.
GEAR’s businesses include:
- Mining of thermal coal through its subsidiary PT Golden Energy Mines (“GEMS”) operating in Indonesia;
- Mining of metallurgical coal through its associate company Stanmore Coal Limited (“Stanmore”) (31.35%);
- Mining of gold through a minority investment in Westgold Resources Limited (“Westgold”) (7.25%);
- Various investments in renewable energy projects in Asia.
GEAR owns 5 mining concessions in Indonesia covering an aggregate area of approximately 66,204 hectares, with the right to mine more than 2.8 billion tonnes of thermal coal resources with coal reserves estimates of over 1.0 billion tonnes as at 31 December 2019. GEAR is Stanmore’s largest shareholder and is represented on the board of Stanmore.
Recently, on 14 January 2020, GEAR entered into a joint venture with EMR Capital, to acquire the Ravenswood gold mine from Resolute Mining Limited for a consideration of up A$300 million. Ravenswood gold mine is a 54,000 oz gold producer located in Queensland, Australia. The acquisition is expected to be completed in March 2020.