Chronology of Busang gold find
Chronology of Busang gold find
TORONTO (Reuter): Following are important events related to the discovery of one of the world's biggest gold finds, in the Busang area of East Kalimantan, and the subsequent controversy over its ownership and development:
1993:
- Small Calgary-based exploration company Bre-X Minerals Ltd. starts gold exploration in Busang, an area of rain forest and rugged hills on the island of Kalimantan.
October - Bre-X says Busang could contain more than 30 million ounces of gold.
1996:
Feb. 12 - Indonesian Mines and Energy Ministry says Bre-X has found gold deposit of around 40 million ounces.
March 14 - Bre-X says Busang holds 30 million ounces of gold "plus, plus, plus."
April 23 - Bre-X listed on Toronto Stock Exchange. Price rises $5 Canadian to C$192.50 within minutes of opening.
June 20 - Bre-X announces Busang reserves may be up to 39.15 million ounces.
July 22 - Bre-X raises Busang gold estimate to 46.92 million ounces.
Aug. 19 - Bre-X begins trading on U.S.-based Nasdaq system.
Nov. 26 - Bre-X says Indonesian government has told it the government wants Barrick to have 75 percent stake in Busang. Barrick confirms it is in talks with Bre-X over Busang.
Dec. 2 - Canadian miner Placer Dome Inc. says it wants to be a partner with Bre-X in Busang.
Dec. 3 - Bre-X estimates Busang gold reserves at 57.33 million ounces.
Dec. 9 - Indonesia says Bre-X and Barrick have agreed to split Busang 25-75 and give 10 percent to government.
Dec. 17 - Indonesia says Bre-X and Barrick agreed to split Busang 22.5-67.5 with 10 percent to government.
1997:
Jan. 23 - Mines and Energy Minister Sudjana says Indonesia will seek other investors in Busang if Bre-X and Barrick fail to meet February deadline.
Feb. 16 - Bre-X signs deal to develop Busang with New Orleans- based Freeport McMoRan Gold and Copper Inc. and Indonesian interests.
Bre-X gets 45 percent, down from original 90 percent stake. Freeport receives 15 percent and remaining 40 percent goes to Indonesian government and two Indonesian companies. Hasan signed agreement on behalf of Indonesian interests.
Feb. 17 - Bre-X raises estimates of Busang gold reserves to 70.95 million ounces. Resource calculation completed by Kilborn SNC Lavalin of Toronto.
Feb. 18 - Indonesian government approves Bre-X proposal to develop Busang gold site.
Feb. 19 - Bre-X head of exploration John Felderhof says Busang site could contain up to 200 million ounces of gold.
March 19 - Bre-X chief geologist at Busang site, Michael de Guzman, falls out of helicopter while en route to site. De Guzman was co-discoverer of Busang find.
March 20 - Indonesian officials suspect de Guzman's death was a suicide.
March 25 - Indonesian government says processing contracts of work for Busang II and III.