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Memo from the Chairman
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Indonesia is a country that has been blessed with natural resources and its oil industry is the envy of its neighbors. The local mining industry is also world class and there are not too many days that go by when we have not heard of another "elephant find" discovered in one of the many thousands of islands, which comprise the country. It is the largest producer of the robusta coffee beans which make instant coffee, it is the second leading producer of cocoa and palm oil and one of the world’s largest producers of rubber. It is one of the largest exporters of oil and has vast amounts of copper and aluminia. It was not a major surprise then, when a small Canadian mining company announced that they had discovered gold in Borneo, of the islands that make up the country of Indonesia.

As the weeks went on, the find increased in size regularly until it eventually became by far the richest find since creation. , Bre-X, of Calgary Alberta, a junior company which only had a secondary listing on the Toronto Stock Exchange, announced that the find exceeded 200 million ounces of gold, ($120 billion) the stock soared on the Canadian Stock Markets, starting at pennies and raising to stratospheric heights.

The stock started life at 12 cents per share and before it was over the price had risen to over $281. Fidelity Investments, on of the largest financial money managers in the world sunk substantial money into the stock as did a number of Canada’s largest pension funds. It’s geologist, John Felderhoff, won prospector of the year award and he and an associate shared the distinction of being mining men of the year. The market capitalization at the high on Bre-x was $6 billion and class action suits have been filed against everyone within serving distance to the tune of $3 billion.


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Copyrighted Worldwide 1997 Chapman Spira & Carson, LLC.
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Home | About Us! | Search Us! | Contact Us! | Contents

Copyrighted Worldwide 1997 Chapman Spira & Carson, LLC.
45 Wall Street - Suite 1022
Tel: 212.425.6100 - Fax: 212.425.6229