Is brebre-X worth $187 a share?
Bre-X's shares top $187. The company moves to the Toronto Stock Exchange in April and splits its shares ten to one in May. The new shares trade at $28.65.
What happened to Bre-X stock?
This infographic documents the rise and fall of Bre-X. From initial private offerings at 30 cents a share, Bre-X stock climbed to more than $250 on the open market. Near the peak of Bre-X share prices, major banks and media were on board: In December 1996, Lehman Brothers Inc. strongly recommended a buy on “the gold discovery of the century.”
Is Bre-X a buy at $250?
From initial private offerings at 30 cents a share, Bre-X stock climbed to more than $250 on the open market. Near the peak of Bre-X share prices, major banks and media were on board: In December 1996, Lehman Brothers Inc. strongly recommended a buy on “the gold discovery of the century.”
What is Bre-X Minerals?
Bre-X was a group of companies in Canada. Bre-X Minerals Ltd. , a major part of Bre-X based in Calgary, was involved in a major gold mining scandal when it reported it was sitting on an enormous gold deposit at Busang, Indonesia (in Borneo).
What was the highest stock price of Bre-X?
Originally a penny stock, its stock price reached a peak at CAD$286.50 (split adjusted) in May 1996 on the Toronto Stock Exchange (TSE), with a total capitalization of over CAD $6 billion. Bre-X Minerals collapsed in 1997 after the gold samples were found to be a fraud.
What was the Bre-X gold Strike?
During the surreal period that followed, he was fingered as the mastermind of a tampering scam that convinced the world Bre-X controlled a 70-million ounce gold discovery at its Busang site. Jojo de Guzman believes his brother Michael died under mysterious circumstances in Indonesia.
When did the Bre-X scandal happen?
The deal was announced on 17 February 1997. Freeport went to Borneo to start its own due-diligence drilling. Suharto was ready to sign a contract after this step, locking in Bre-X's land rights for 30 years and starting the flood of gold.
Who lost money Bre-X?
Among the many victims of the Bre-X scandal were Canadian pension funds such as the Ontario Teachers Pension Plan and the Quebec Public Sector Pension Fund, which faced combined losses of over $150 million CAD.
How true is the film gold?
The film is loosely based on the true story of the 1993 Bre-X mining scandal, when a massive gold deposit was supposedly discovered in the jungles of Indonesia; however, for legal reasons and to enhance the appeal of the film, character names and story details were changed....Gold (2016 film)GoldBox office$14.9 million15 more rows
What happened David Walsh?
Before the Bre-X fraud, Walsh had run several successful oil and gas companies with properties throughout the United States and Canada and had been a stock broker, trust company officer, and portfolio manager. He died of an apparent aneurysm in 1998, suffered at his home in the Bahamas.
What is gold salting?
In mineral exploration, salting is the process of adding a valuable metal, especially gold or silver, to a sample to change the value of the sample with intent to deceive potential buyers of the mine. Examples are the diamond hoax of 1872 and the former Canadian gold company Bre-X.
When did Bre X start?
The Timeline: 1989: David Walsh founded Bre-X Minerals Ltd. in 1989 as a subsidiary of Bresea Resources Ltd. 1993: Walsh followed the advice of geologist John Felderhof and bought a property in the middle of a jungle near the Busang River in Borneo, Indonesia. 1994: Initial drill results were encouraging, and the drill program was ramped up.
What happened to Bre X in 1996?
1996: Bre-X hits a snag with the Indonesian government, who claimed that Bre-X was not playing by the “rules” of the country. Bre-X’s exploration permits are revoked. 1997: January fire at Busang destroys many of the sample records.
Who fought to get a piece of Bre X's Busang deposit?
Major mining companies such as Barrick Gold, Placer Dome, and Freeport-McMoRan Copper & Gold, among other top producers, fought an epic battle to get a piece of Bre-X’s Busang deposit. Indonesia’s Suharto regime managed to grab 40% of the deposit for Indonesian interests.
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When did Bre X start?
The Timeline: 1989: David Walsh founded Bre-X Minerals Ltd. in 1989 as a subsidiary of Bresea Resources Ltd. 1993: Walsh followed the advice of geologist John Felderhof and bought a property in the middle of a jungle near the Busang River in Borneo, Indonesia. 1994: Initial drill results were encouraging, and the drill program was ramped up.
What happened to Bre X in 1996?
1996: Bre-X hits a snag with the Indonesian government, who claimed that Bre-X was not playing by the “rules” of the country. Bre-X’s exploration permits are revoked.
How much gold is in Bre X?
Felderhof assembles a crew to drill for samples and recruits a friend from a previous venture, Michael De Guzman, a geologist from the Philippines. Oct. 19, 1995: Bre-X says drilling has uncovered a deposit with about 2.7 million ounces of gold.
When did the Bre X trial end?
Felderhof is the only Bre-X official ever charged. His trial begins in October 2000 but stops in April 2001 when the OSC moves to remove the judge. The bid fails and the trial resumes on Dec. 6, 2004. It concludes Aug. 31, 2006. A ruling was expected Feb. 2, 2007, but the judge delays his decision until July 31, 2007.
