Jolly gold giant

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picked up sizeable silver, copper and nickel businesses. And newer deposits tend to mix gold with other ores, so diversification will continue.

Searching for the next gold mine

Mr Munk established a charitable foundation in 1992 and says he intends to leave his entire estate to charity. In recent years his foundation has granted $33m to Toronto General Hospital and $16m to the Technion, an engineering school in Israel. Mr Munk is keen to keep expanding his legacy where he can. An interest in sailing has led him into a scheme to help with Montenegro’s plan to become a second Monte Carlo. By chance he noticed that the pocket-sized country’s government owned an old Warsaw Pact naval dockyard in a prime location, and spotted the potential at once. With little investment it can be converted into a huge marina, he says, with berths for the Mediterranean’s growing flotilla of luxury yachts. He hopes it will attract the super-rich with the hefty disposable incomes that Montenegro needs. Big boats also command hefty mooring fees—so Mr Munk believes he has struck gold once again.