Business
19 June, 2026
Colliery workers have cause for celebration
Struggling Wollondilly mine workers have cause for celebration with the announcement that the GEAR M Consortium (GM3) has signed a binding agreement to acquire the Tahmoor Colliery.
Struggling Wollondilly mine workers have cause for celebration with the announcement that the GEAR M Consortium (GM3) has signed a binding agreement to acquire the Tahmoor Colliery.
The new owners have reportedly signalled a commitment to working with former employees, local communities, suppliers and stakeholders “to improve performance, support sustainability and secure long-term regional employment”.
GM3 hopes to restart mining operations “as soon as practicable,” but it could still be months away, subject to Federal Government approvals.
As previously reported by The Southern Wire, more than 200 workers were left unemployed after closure of the colliery in late March this year – a shockwave felt across the region.
The colliery – previously owned by British-Indian billionaire Sanjeev Gupta was placed in voluntary administration in March this year, but the NSW Supreme Court placed it in the hands of liquidators the following month, with Justice Ashley Black saying the mine would be unlikely to re-open under its (then) current management.
Local political leaders including Member for Wollondilly Judy Hannan and Wollondilly mayor Matt Gould have long maintained that the mine remains viable – if it is managed in the right way.
The GM3 consortium is comprised of M Resources and its bidding partner GEAR.
M Resources Pty Ltd is the private mining investment vehicle owned by coal industry figure Matt Latimore, while the Golden Energy Pty Ltd GEAR is backed by the billionaire Widjaja family from Indonesia.
GM3 issued a statement yesterday (Thursday) saying it had entered into a “definitive asset sale agreement to acquire the coal business and assets of Tahmoor Coal Pty Ltd and Bargo Collieries Pty from their Liquidators”.
“The transaction follows a structured and competitive sale process undertaken by the Liquidators and represents an important step towards restating operations at Tahmoor,” the statement said.
“The Consortium has a strong track record of operating in the region through its involvement in the Illawarra Met Coal complex operated by GM3, which owns the nearby Appin and Dendrobium mining operations.
“Through this existing presence, the consortium has longstanding engagement with the local workforce, contractors and surrounding communities and is well-placed to provide a stable and responsible pathway for the restart of operations”,
Member for Wollondilly Judy Hannan has welcomed the announcement and has congratulated everyone involved on “reaching this milestone”.
She also thanked the Wollondilly, Southern Highlands and Illawarra communities for “standing by local workers and their families”.
“We wish the GM3 Consortium, the workers and the community every success as this new chapter begins,” she said.
M Resources founder and president Matt Latimore said he was looking forward to the completion of the acquisition, which would further increase M Resources’ exposure to high-quality metallurgical coal assets in NSW.
“The group recognises the impact of recent events and is focused on a positive pathway forward for Tahmoor and the surrounding region,” Mr Latimore said.
GEAR director Mark Zhou described Tahmoor as an “exciting acquisition” and said it would align with the company’s “existing portfolio of first-tier assets including its investments in Stanmore Resources and GM3”.
“Tahmoor is an important asset for the Illawarra region with a long operating history and the consortium is well positioned to leverage its existing regional presence and relationships to support a stable restart of operations and ensure the asset is operated safely and responsibly over the long term,” Mr Zhou said.
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