Control block of Falconbridge worth $500m.

Anyone with $500 million and an urge to purchase the controlling block in Falconbridge Ltd. (TSE) is advised to talk to Placer Dome (TSE).

The giant gold producer says it wants to unload its Falconbridge holding, which would be the equivalent of an almost 25% interest when all the shares held directly and indirectly, and convertible debentures and warrants, are taken into account. Estimated cost of the holding, at current market prices, is about a half-billion dollars.

Who might be interested in the nickel-copper company which also produced about 90,000 oz gold in 1987? Among the companies mentioned are Noranda Inc. (TSE), Teck Corp. (TSE), Metallgesellschaft AG of West Germany and MIM Holdings of Australia.

And then there is Falconbridge itself, which is riding the crest of improved base metal prices and which might consider buying back its own shares. Earnings (before extraordinary items) for 1987 were $29.7 million (42 cents per share) on revenues of $1.3 billion. The company’s long term debt currently stands at slightly more than $500 million. It also reports cash reserves of about $160 million.

In addition to its mining operations in the Sudbury, Ont., area, Falconbridge owns the Kidd Creek copper-zinc mining and metallurgical complex near Timmins, Ont., and is the majority owner of a ferronickel processing facility in the Dominican Republic which has been in the news of late because of a dispute over an export tax imposed by that country’s government.