Crosby Capital Ltd., a Hong Kong- based investment bank, offered a A$182 million ($146 million) in cash for Medusa Mining Ltd. to gain control of a gold mine in the Philippines.

    The offer of A$1.15 a share is 21 percent more than Perth- based Medusa's closing price yesterday, Crosby said today in a statement to the Australian stock exchange. The offer is subject to Medusa allowing Crosby to study its finances, it said.

    Medusa owns the Co-O gold mine in the Philippines where it's seeking to produce about 60,000 ounces of gold a year from mid next year. Gold posted a record two-day rally yesterday on surging investor demand for a haven from credit-market turmoil.

    Medusa jumped 12 percent to 95 cents yesterday on the exchange. The stock has dropped 35 percent this year.

    The company wants to boost output to more than 100,000 ounces annually by 2010. It produced 19,000 ounces in the 12 months ended June 30.

    Crosby owns 0.3 percent of Medusa, it said.