Golden Energy and Resources, which is principally engaged in the exploration, mining, processing and marketing of thermal coal, acquired a stake in Stanmore Coal, a coal mining company, for A$47.6m. The offer by joint venture Golden Investments (Australia), which GEAR has set up with Ascend Global Investment Fund, is pegged at A$0.95 per Stanmore share. The bidding company unsuccessfully attempted to acquire all shares of Stanmore. Explaining the acquisition, coal producer GEAR said: "By acquiring an interest in Stanmore Coal, a primarily coking coal focused company, GEAR hopes to enhance its overall asset portfolio in the current commodity price environment by diversifying and expanding its coal product suite and geographical presence."