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On the Road to Busang with Bre-XHere are some of the big-name players that had close dealings with Bre-X Minerals. LEHMAN BROTHERS : Described the Busang claim as the ''gold discovery of the century'' and recommended Bre-X last December as a strong buy. FIDELITY INVESTMENTS: The world's biggest mutual-fund company held 7.3% of Bre-X as of yearend 1996. J.P. MORGAN: The key investment banker to Bre-X since last September, it was shopping Busang to world mining giants. KILBORN ENGINEERING PACIFIC: The respected Canadian mining engineering firm reported in February that Bre-X's Busang deposit contained 71 million ounces of gold. OTHER GOLD COMPANIES: Eager to get in on the Busang claim, gold giants tried to woo Bre-X. Placer Dome offered $4.7 billion in a takeover bid; Barrick made its own undisclosed offer. Indonesia rejected both bids in favor of Freeport-McMoRan, which offered to pay $400 million to help mine Busang. INDONESIAN GOVERNMENT: In February, the Suharto regime grabbed 40% of the Busang deposit for the Suharto family and other Indonesian interests. It did not pay Bre-X compensation.
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Updated June 15, 1997 by bwwebmaster
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