Highland Mining and Minerals Co. is considering the purchase of two gold mines. Only one investment will be made. The Australian gold mine will cost $1,637,000 and will produce $335,000 per year in years 5 through 15 and $523,000 per year in years 16 through 25. The U.S. gold mine will cost $2,069,000 and will produce $260,000 per year for the next 25 years. The cost of capital is 12 percent.

Calculate the net present value for the The Australian Mine