IF YOU want your own gold mine - and who doesn't - there is an American in town with one that might just fit the bill.
The Montana mine spans 32.3ha but will cost only US$10.2 million (S$15.2 million) - small change compared with the US$591 million in gold said to be in it.
That was the deal laid out last week in a Hilton Singapore room to six investors, enticed to the travelling roadshow by newspaper advertisements. The mine is being sold by Mr Joe Corda, 73, a former real estate broker who is relocating to Italy to pursue sculpting.
Mr Corda's pal, Mr Don Thornton, who is overseeing the sale here on his behalf, told The Straits Times: 'Joe decided to sell it when the price of gold crossed US$600 an ounce. We've had queries from 12 companies, including a Malaysian oil and gas company, investment banks and gold mine companies.'
The mine contains more than 800,000 ounces of gold, according to a drill report made by US-based Hecla Mining in the early 1990s.
Gold hit a 27-year high recently, surging to US$738.60 an ounce. Based on that figure, the mine will generate US$591 million worth of gold.
Mr Thornton added: 'We're looking for a sophisticated investor with the resources to hire his own geologist to study the drill reports.' He has already held an investor meeting in Taiwan and will be here till today.
Besides the US$10.2 million sale price, the investor could also pay US$2 million to enter a joint venture with the owner to handle the mining operations.
Potential investors at the roadshow were intrigued by the prospect of owning an American gold mine.
Mr Willy Tan, of American private offshore merchant bank VES Investment Banking, said: 'It's a rare opportunity, and timely too, given the current price of gold. We're interested in income-producing prospects, whether they are gold mines or shopping malls.'
CNMC Goldmine executive director Benjamin Yeo said: 'It's an investment requiring a high start-up cost - at least US$20 million to US$30 million - and about 18 months before it'll start generating revenue.'
