M Resources and its bidding partner GEAR have emerged as the successful bidders for the Tahmoor coal operations in New South Wales, securing the asset after a competitive auction process.
The consortium prevailed against rival groups that included a partnership led by former Mastermyne Group chief executive officer Tony Caruso, mining contractor RStar and IMR Resources.
The acquisition brings a degree of certainty to Tahmoor following years of upheaval surrounding the operation, which is located south of Sydney and was previously owned by Glencore before coming under the ownership of Sanjeev Gupta interests.
M Resources is the private mining investment vehicle owned by coal industry figure Matt Latimore, while GEAR is backed by Indonesia’s billionaire Widjaja family.
M Resources founder and president Matt Latimore said the transaction reflected the consortium’s confidence in the region, its workforce and the long-term role of metallurgical coal in steel production.
“This transaction builds on our record of investment in the Illawarra region and our confidence in the future of NSW metallurgical coal,” Latimore said.
“This transaction also strengthens our commitment to Australian steelmaking, as Tahmoor supplies Port Kembla Steelworks.”
Latimore said the consortium would seek to apply the same approach it has used through GM3 and Illawarra Coal Holdings.
“Through GM3, M Resources and GEAR have worked closely with the community and workforce to improve the sustainability and performance of Illawarra Coal Holdings,” he said.
“We now intend to bring that same disciplined, partnership-focused approach to Tahmoor — working with employees, local communities, suppliers and stakeholders to improve performance and support sustainable, long-term jobs for our regions.”
The transaction marks a significant milestone for the Tahmoor operation, with the new owners signalling a focus on performance, sustainability and regional employment while maintaining the mine’s role in supplying metallurgical coal to the steelmaking sector.
Read more: The three trends reshaping coal’s future
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
