DeValera15

DeValera15 t1_iwi7ojq wrote

Reply to TIL Of the Bre-X fraud. The Canadian mining company was a penny stock that reportedly found billions of dollars of gold in Indonesia. The stock skyrocketed but collapsed following the suicide of one of the geologists and discovery that the core samples were salted. by jamescookenotthatone

This is a terrific history of the entire scandal. I’d forgotten about the movie version “Gold” with Matthew McConaughey https://redcloudfs.com/25-years-after-bre-x-by-the-man-who-made-a-fortune-going-long-short-of-the-biggest-ever-mining-fraud/?utm_source=rss&utm_medium=rss&utm_campaign=25-years-after-bre-x-by-the-man-who-made-a-fortune-going-long-short-of-the-biggest-ever-mining-fraud

So many memories of that story …the research report I tried to kill, only delayed, alas the Buy recommendation came out a week before Bre-X blew up.

First comment during the trade halt was that Goldfields was making a takeout bid.

Another was the Alberta Legislature demanding the portfolio manager explain why they were exposed.

Fun (but sad) was the analyst who had his core sample (yes, he’d been to the site) assayed AFTER the news broke …just think how valuable that information would have been to have run it right after he got back!

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