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Mining and business icon Ned Goodman dies at 85

Montreal-born entrepreneur founded Laurentian University's new mining school in 2012
Dundee Corporation CEO Ned Goodman greets Laurentian University geology master's student Judy Lam on Oct. 15, 2012. The university's school of mines was named for Goodman, who made a large contribution to its endowment fund.

Ned Goodman, considered a giant in Canadian mine development and business finance, whose name is attached to Laurentian University's mining school in Sudbury, died on Aug. 7.

He was 85.

The Montreal-born Goodman, an Order of Canada recipient, is being remembered as an inspirational leader, a company builder, a philanthropist through his family foundation, an educator, and a Canadian pioneer in investment management over a more than 50-year career.

Known for his astute and transformative investments, Goodman, a trained geologist, applied his talents and business acumen to create a string of mining successes, most notably International Corona Resources and Kinross Gold, as well as shepherding other mineral companies.

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He created the first exploration flow-through a partnership CMP Group, raising billions during the 1980s to finance exploration programs and develop various mining and petroleum companies.

Together with business partner Austin Beutel, he formed Beutel, Goodman & Company Ltd. in the 1960s, a privately owned, independent Canadian investment manager that today holds $42 billion in assets under its control. He later formed the Dundee group of financial companies in the early 1990s, now known collectively as DREAM, managing more than $100 billion in assets.

Goodman was recognized yesterday at Brock University in St. Catharines where he served as chancellor from 2007 to 2015, lending his name to that institution's business school through a generous donation, which helped expand and reconstruct that facility.

His name is also on Concordia University's institute of investment management at the John Molson School of Business.

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Through a generous donation, Goodman founded the Goodman School of Mines at Laurentian University in 2012.

For his contribution to higher education, culture and health care, he was awarded the Order of Canada in 2019.

There were other accolades for Goodman over the years, including being named the Prospectors and Developers Association of Canada's Developer of the Year in 1989, and Ernst & Young's Entrepreneur of the Year for Ontario in 2004.

He was inducted into the Canadian Mining Hall of Fame, in October 2012 the Fraser Institute awarded him the T. Patrick Boyle Founder's Award, and he was named to the IIAC Investment Industry Hall of Fame in 2017.

His funeral service was Aug. 9 at Benjamin's Park Memorial Chapel on Steeles Avenue in Toronto.