There's a pretty awesome prize up for grabs in a mining investment competition for university students being held at Laurentian University next week — shares in a mining company worth the equivalent of four ounces of gold.
With gold currently trading at more than $1,200 US per ounce, that's not exactly pocket change.
The Goodman Gold Challenge takes place Feb. 23-25. The competition was the brainchild of Jonathan Goodman, CEO of Metaform Investment, a mining investment company, and executive in residence with Laurentian's faculty of management.
In 2013, Goodman's father, Dundee Corporation CEO Ned Goodman, contributed to an endowment fund to support mining-related programs at Laurentian, and became the namesake for the university's Goodman School of Mines.
“The concept is that we have the CEO of three gold mining companies that are listed on the stock exchange,” said Éric Lavergne-Giroux, event co-ordinator for the competition.
“They're going to be coming to the university. They're going to be pitching their businesses or companies to the students, and the students have to analyze these companies and recommend which one they should invest in. It's a real-life, hands-on investment scenario.
“So essentially there's no right or wrong answer. It's more or less how the students justify their investment decision. They'll probably have to do a risk analysis, see which one would maybe have the short term or long-term returns on their investment and why they should invest in the company.”
The three mining companies participating in the exercise are Dundee Precious Metals, Osisko Mining and Detour Gold Corporation.
The winning team will receive shares in the company they choose to invest in as part of the competition.
Six teams of four students from five different universities — including two from Laurentian — will take part in the challenge. The teams are either made up of business or mining engineering students.
Laurentian has taken part in similar competitions in the past, Lavergne-Giroux said, but they've all been based on fictitious companies and financial scenarios.
The public is invited to witness the competition's final day of activities on Feb. 25.
The final round of presentations takes place from 1-4 p.m. in room A226 at Laurentian University. Then, from 6:30 to 9 p.m., there will be an awards gala in the cavern at Science North.
Visit the competition's website for more information.
