It’s not essential to go through hardship to be a great CEO, but the lessons learned through such struggles can develop characteristics and traits that benefit both the leader and their employees.
This is certainly true for Dwi Suseno, Group CEO and Executive Director at Golden Energy and Resources (GEAR) and Group Managing Director at Sinarmas Mining, who initially had difficulty finding employment in his field after graduating university.
“So I worked at night as a kitchen hand for three-and-a-half years and studied during the day to complete my postgraduate degree,” he recalls.
“We are en route to becoming close to a 200,000-ounce producer and the largest gold-producing mining company in Queensland.”
It was challenging, working and studying and living on a tight budget, but Suseno explains that he also learned a lot about human connection, resilience and what really matters.
“The people I met after work at 12 or 1am, who got together at the back of the restaurant – the chefs, waiters and common working-class people – taught me a lot as migrants surviving in Australia,” he recalls. “I discovered the gift of humility, fortitude and an appreciation of the little things in life.”
After receiving his postgraduate qualifications and seeking new opportunities, Suseno decided to look outside of Australia, where he had completed his education, to Asia.
“I decided to go to Jakarta to leverage my ability to speak Bahasa Indonesia as my strength,” he says.
This gamble paid off, and he took a position with Baker Hughes, a Fortune 500-listed multinational, where he was soon promoted to a Regional Manager role overseeing the Asia–Pacific region.
Since then, Suseno hasn’t looked back, with several high-profile and board positions in global resources companies, culminating in his current roles with GEAR and Sinarmas Mining Group.
Driving expansion
While taking on the CEO role during the COVID-19 pandemic was a challenge, Suseno took it all in his stride. GEAR had already committed to some acquisitions that were key to the expansion of the business, both in Indonesia and Australia.
“In 2020, GEAR made acquisitions in Stanmore Resources with a market capitalization of around A$240 million [US$149 million] at that time, as well as Ravenswood Gold,” he explains.
“The latter was acquired from Resolute, which was producing around 48 thousand ounces [1,360 kilograms] of gold per year.”
This decision was a calculated risk during a period of such global economic upheaval, but Suseno and his team believed it was worthwhile.
“Gold provided a countercyclical hedge for us as well as the potential of Stanmore within the world-famous metallurgical Bowen Basin area for the stainless steel industry,” he notes.
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Australia, the closest geographical neighbor to Indonesia, also offered a low geopolitical risk, and investing in the companies proved to be a wise choice.
“The Ravenswood Gold acquisition has expanded our economic presence. We are en route to becoming close to a 200,000-ounce [5,700-kilogram] producer and the largest gold-producing mining company in Queensland,” Suseno says with pride.
Stanmore, too, has been a valuable investment and a strong management team, led my Marcelo Matos, has catapulted the business into a well-respected ASX 200-listed company in less than four years.
“Our team aligns with our values, and this has led to the development of the Isaac Downs mine, as well as key strategic acquisitions in Poitrel and South Walker Creek mines,” Suseno explains. “Our focus has been on health, safety, strong operational excellence and a continuous improvement mindset.”
And financially, this has paid dividends.
“GEAR has grown Stanmore from a A$240 million [US$149 million] market capitalization with limited remaining life-of-mine to a A$2.5 billion [US$1.56 billion] ASX 200-listed company with multi-generational assets and more than five billion metric tons of mining resources,” Suseno notes.
Looking ahead
This combination of risk-taking and calculated futureproofing has been a hallmark of Suseno’s career, which fits neatly into GEAR’s business model. The company looks to establish their operational assets as quality-driven with a huge resource and career base, ensuring the sustainability of the business and the wellbeing of its employees.
“We take genuine care of our people by empowering them to be knowledge workers in a knowledge-based economy to help our operations become more productive and efficient,” Suseno reveals, adding that this extends to encouraging the pursuit of qualifications and higher education for GEAR’s staff.
“We have a talent management pipeline so we can empower our people on their career journey,” he adds.
“We take genuine care of our people by empowering them to be knowledge workers in a knowledge-based economy.”
The company also invests in its local community.
“We provide community empowerment and entrepreneurship in the form of education and business incubation,” Suseno says. “We recently received recognition from the Government of Indonesia’s PDB Awards 2024 for innovation, creativity and social empowerment.”
For Suseno, this people-focused approach comes naturally, reflecting the life skills he learned as a struggling postgraduate student.
“There is no shortcut in life,” he concludes. “Over numerous challenges, it was hope and belief that gave me a sense of purpose, direction and wisdom.”
