The Bre-X Mining Scandal
The Unanswered Questions Podcast · Zac Miller
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Show Notes
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 East Kalimantan, Indonesia. Bre-X bought the Busang site in March 1993 and in October 1995 announced significant amounts of gold had been discovered, sending its stock price soaring.
Bre-X's gold resource at Busang was a massive fraud. Encouraging gold values were intersected in many drill-holes and the project received a positive technical assessment by Kilborn. Crushed core samples had been falsified by salting with gold From Michael De Guzman's gold wedding ring. The salting of crushed core samples with gold constitutes the most elaborate fraud in the history of mining.
In 1997, Bre-X collapsed and its shares became worthless in one of the biggest stock scandals in Canadian history, and the biggest mining scandal of all time.
Micheal De Guzman shortly soon after the fraud was discovered, disappeared. rumours then surfaced that he faked his death, although no consultive evidence has ever been found...
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