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 ?
He managed the technical audit of Bre-X Minerals' Busang project in Indonesia as well as the follow-up investigation after Strathcona's analysis showed Bre-X's ore samples had been salted with gold dust.
David Walsh, the former CEO of Bre-X Minerals Ltd., died on June 4 of a brain hemorrhage in the Bahamas.
The die was cast for the financial fiasco involving the proposed mines owned by Canadian-based Bre-X Minerals Ltd.
With the release of Strathcona Mineral Services' (SMS) report on Bre-X Minerals' Busang gold deposit in May 1997, the mining industry - and the analysts, investors, speculators, and journalists who dog it - learned what many were already beginning to suspect: The Busang gold deposit was a scam.
Danielson, who was the first journalist to visit the Busang property, and Whyte, who covered the Bre-X affair for The Northern Miner, chronicle Calgary-based junior mining company Bre-X Minerals' Busang gold deposit deep in the jungles of Borneo as it progressed from the "world's biggest gold deposit" to the "most daring and best-executed 'salting' scam in mining history."
"At the early exploration stage, prior to the acquisition by Bre-X Minerals Ltd.
The talks began between Barrick Gold and Bre-X Minerals; while some points have been agreed upon, many remain unresolved.