Business
8 October, 2026
‘Good riddance’ to Gupta and GFG Alliance: Mayor
It is time for the Wollondilly community to draw the line under Sanjeev Gupta’s “catastrophic” ownership of Tahmoor Colliery according to mayor Matt Gould.
It is time for the Wollondilly community to draw the line under Sanjeev Gupta’s “catastrophic” ownership of Tahmoor Colliery according to mayor Matt Gould.
The sale of the colliery to the Gear M Consortium (GM3) was finalised on Wednesday and Cr Gould said it was “good riddance” to British-Indian billionaire Mr Gupta and his GFG Alliance.
Cr Gould has always maintained that the Tahmoor Colliery was both strong and viable.
“The problem wasn’t the mine – it was its ownership,” he said.
Cr Gould said finalisation of the sale would end two years’ of uncertainty for colliery workers, their families, contractors and local businesses.
“Around 150 workers are already back on site and the new owners are aiming to bring more back as they work towards full resumption of mining in the coming months,” Cr Gould said.
“That means local people back in local jobs and more money flowing through businesses across Tahmoor and our surrounding towns.”
Cr Gould acknowledged it had been a “long road” to get a point where the community could once again feel confident about the colliery’s future.
“There have been a lot of people working to support those affected and to get us to this point,” Cr Gould said.
“In particular I want to acknowledge Member for Wollondilly Judy Hannan for the work she has done supporting workers and their families through this mess, along with the Mining and Energy Union and our fantastic team at council.
“I also want to thank the liquidators for getting the sale across the line and wish them every possible success as they continue to fight through the courts over Gupta’s claim on the remaining funds,” Cr Gould said.
“I hope we see as much of that money as possible ultimately make its way back to the businesses and creditors who are owed it.”
NSW Minister for Natural Resources Courtney Houssos described completion of the mine’s sale as “great news” for Wollondilly and the Illawarra region given its importance in supporting local jobs and local businesses.
“This is a great outcome for the Tahmoor community,” Minister Houssos said on Wednesday.
“We have long said the mine is a valuable asset and – under the right owners – has a bright future.
“It means workers are getting back on site, families can look to the future with greater confidence and local businesses can benefit as activity at the mine ramps up.
“While we all wish this process didn’t take as long as it ultimately has, this is great news for workers, businesses and the Wollondilly and wider Illawarra communities.”
The Minister thanked workers for their patience as well as Mrs Hannan and the Mining and Energy Union for their “tireless advocacy”.
“We hope this is just the start of a bright new chapter for the community,” she said.
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 Golden Energy Pty Ltd (GEAR) is backed by the billionaire Widjaja family from Indonesia.
GM3 also operates the Appin and Dendrobium mines.
--------------
Subscribe to The Southern Wire Newsletter for free at the link below.
https://subscribe-forms.beehiiv.com/1986abc6-c89e-4781-9db2-cf35c9dd71e4
If you value independent local journalism across the Highlands, Tablelands and Wollondilly, please click the link below to support us to ensure we remain paywall free.
Read More: Wollondilly, Tahmoor