Bre-X Minerals Ltd. was a Canadian gold mining company that carried out a major fraud. It claimed an enormous gold deposit at its Busang property in East Kalimantan, Indonesia, but the samples had been salted and the site held little gold. The company bought the Busang site in March 1993 and announced significant gold discoveries in October 1995. Its stock, originally a penny stock, peaked at about 286 Canadian dollars a share in May 1996, a market value above six billion dollars. It collapsed in May 1997 once the fraud was found, with an estimated 40,000 investors losing their investment. Geologist Michael de Guzman is widely considered the mastermind, and no one was criminally convicted.
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Source Bre-X (Wikipedia)Infobox: hq_location_cityQuote, Infobox: hq_location_city
Kensington, Calgary, Alberta
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Bre-X (Wikipedia)
Operates In: Gold Mining Industry, Lead, first paragraph
claimed that there was an enormous gold deposit at its gold mine in Busang
In Group: Metals and Mining, Lead section
was a Canadian company that perpetrated a major fraud when it claimed that there was an enormous gold deposit at its gold mine in Busang, East Kalimantan, Indonesia
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