Bre-X Minerals Ltd.

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Bre-X Minerals Ltd.

A former Canadian mining company that has been accused of perpetrating the largest stock fraud in the history of mining and one of the largest in the history of Canada. In 1993, Bre-X bought a piece of land near the Busang River in Indonesia that was initially estimated to contain 2 million ounces of gold. Estimates consistently rose throughout the early and mid-1990s, culminating in a stated 200 million ounces by 1997. In the process, Bre-X went from being a penny stock to one of the most valuable stocks in Canada. When an independent company found little or no gold in the area, Bre-X collapsed and became the subject of investigation by the Royal Canadian Mounted Police. It finally went bankrupt in 2002.
References in periodicals archive ?
The die was cast for the financial fiasco involving the proposed mines owned by Canadian-based Bre-X Minerals Ltd.
The real story began in 1993, when hard-drinking Calgary mining promoter David Walsh, trying to bounce back from recent losses, purchased an 80% option on a contract of work (COW) in the Busang region of Borneo for his new junior, Bre-X Minerals, for the ridiculously low sum of 8 [cents]/oz gold in the ground.
At the early exploration stage, prior to the acquisition by Bre-X Minerals Ltd.