A publicity shy Adelaide inventor and prospector has struck it rich after selling a copper and gold deposit to mining giant Oz Minerals in a deal worth more than $250 million.
Rudy Gomez was largely unknown outside of mining circles until yesterday, when the deal was announced.
But this is no overnight success story.
Gomez actually discovered the Carapateena deposit, which is located 100 kilometres south of BHP Billiton’s giant Olympic Dam project, back in 2005.
At the time, the Philippines-born Gomez had raised just $180,000 – made up of his retirement savings, loans from a group of friends and a grant from the South Australian Government – to conduct his exploratory drilling.
But it took Gomez, who is described as a part-time prospector, another six years to convert his exciting discovery into a big deal.
Oz Minerals will pay about $250 million for the Carapateena deposit.
Gomez has a 58% stake, so his personal take from the deal will be a minimum of $145 million and a maximum of $188.5 million.
The gang of mates who backed Gomez’s original drilling operating kept and 8% stake, which means they are sitting on a return of about $20 million.
Gomez, who has refused to do interviews on his windfall, did receive some media attention in February after Australian Electoral Commission records showed he gave $79,191 to the South Australian Labor Party.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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