That's an interesting question. Instinct suggests adding grease or dissolving a wax into it but looking up gear greases educated me a bit.. this quote from exol's data sheet suggests a complex process incorporating saponification
<<An aluminium complex soap thickened grease based on solvent refined hydrocarbon oil incorporating solid lubricants, polymers, extreme pressure additives, and a blend of antioxidants and corrosion inhibitors, combining to provide highly effective lubrication with excellent corrosion protection. This lubricant is bitumen free.Open Gear Grease 2.5 has been specially developed for the lubrication of all types and sizes of open gears,including spur, helical and bevel drive gears that are subjected to extreme loads, high working temperatures and water saturated conditions.>>
pgk