The film stays true to that character, but makes no attempt to dig into the mind and motivation of the alleged mastermind of the plot — a geologist played here by hunky Venezuelan actor Edgar Ramirez. It was claimed that it was a large part due to his fight with Hepatitis B. The movie is poorer for leaving out these players. Both Walsh and Felderhof made an obscene amount of money and are now tax exiles in the Caribbean. The cross-sections with the bogus sample results also seemed to be geologically reasonable. What's lost in transition from reality to Hollywood is the rich cast of characters who crossed paths at Bre-X.
Police rule it a suicide. He's too sharp, too edgy. Readers can also interact with The Globe on and. Many argued that he should have been charged with fraud and not these less disciplinary charges. Walsh and Felderhof claimed no knowledge of any wronging.
De Guzman used realistic ratios of gold to rock to not set off alarm bells, and to keep project going forward. Its main use is investment, and supply is diversified and global. Platinum supply only comes from South Africa, Russia and Zimbabwe, giving it a unique set of supply characteristics. This public announcement caused the rapid selling of Bre-X stocks which, in turn, caused the postponing of a mining deal between Bre-X and Suharto. He would fall 240 meters to his death. This led to a third-party independent company, Strathcona Minerals, being brought in to check the gold samples at Busang.
Bre-X Scandal: A History Timeline Sponsored by: and This infographic documents the rise and fall of Bre-X. Without dropping a spoiler, Gold gives that final flight a delightful twist. A good reading list can be found on Wikipedia. This extremely high market capitalization is quite suspicious and apprehensive as Bre-X was a penny stock four years earlier and only had a peak market capitalization measured in the thousands. Instead, we get McConaughey chewing up the scenery. The photo of the panning is from the photo album on the Bre-X website.
The film also captures the intrigue that swirled when corrupt Indonesian government officials and the world's largest mining companies circled Bre-X, looking to separate Walsh from his windfall. . Guzman made his deposit too big! The fraud fooled a lot of people: investment houses, retirement funds, stock analysts and Suharto then president of Indonesia. In Canada and in Australia, over 70% of land is covered. Guzman was dead, Walsh died of a stroke on June 4, 1998, and Felderhof spent most of his money defending against numerous lawsuits.
Whether it was lack of evidence or the Canadian court system, but it seemed as if everyone involved got off very easily. They argued that even if the case was successful, there was no longer any reasonable expectation investors would ever be repaid. Court filings last year said Mr. The Bre-X scandal is considered to be the biggest mining and gold scandal of all time, and one of the biggest stock scandals in Canadian history. Felderhof, who would have faced up to two years in prison and a fine for each count, was not in court. In 1995 Michael de Guzman, who oversaw the project, announced he had discovered gold in the area.
Consequently, mutual funds, pension plans, and private investors all over North American took substantially heavy losses subsequent to the stock plummeting. At its climax and peak, the market capitalization of Bre-X reached over 6 million Canadian dollars. Strosberg needed Justice Perell to release them from an earlier commitment they made to the court to continue the case. Precious metals like gold, silver, and platinum have many things in common. In the 1980's, he co-discovered the Ok Tedi copper-gold deposit in Papua New Guinea.
The next step was for Freeport to do their own drilling at Busang. And for two years it worked. By focusing on the actor at the expense of the story, the film ends up failing on two levels. As a result of this fraud, Canada and other countries created new regulations regarding mineral resource and reserve reporting. But for every industry problem, there is often a precedent to be found elsewhere — and an interesting situation that is analogous was faced by the oil exploration industry years ago. What happened at the Busang site in Indonesia and who was responsible is still an unsolved mystery, and we may never know the truth.