RRRRRRRRRRRRRRRRROOOOOOOOOOOOOOOOOOOOOOTF!!!!!!!!!!!!!
Hey, diamond fields hit nickel while searching for diamonds..stock went from 75c to $170.00 on an INCO buyout..true story dude.
Start clicking on links..It's all there..
google.com
minesandcommunities.org
No one questions Friedland's promotional skills. Born in Chicago, he bought into penny mining stocks and pitched them on the Vancouver Stock Exchange--until prospectors of his Diamond Fields Resources looking for diamonds in Voisey's Bay, Newfoundland happened upon a vast nickel deposit. That was in 1994, when Friedland was best known by critics as "Toxic Bob," after another of his ventures, Galactic Resources, tried to develop a gold mine near Summitville, Colorado, using heap leaching, an extraction process that dips ore in cyanide to extract gold. Galactic went bankrupt and left the mess for the Environmental Protection Agency to clean up. (The Department of Justice went after Friedland in 1996; he settled, paying $20 million.)
The Voisey's Bay find changed Friedland's fortunes and those of shareholders--but added to his controversial reputation. He angled two large mining companies, Inco and Falconbridge, into a bidding war. Inco emerged the winner, paying $3.1 billion for the nickel deposit in 1996--but soon regretted it. Voisey's Bay turned out to be as much of a political minefield as a nickel deposit. Newfoundland, Canada's poorest province, would not let Inco dig up the site unless the company promised to build a smelter and process the nickel in the province. Meantime, Innu and Inuit groups claimed the nickel deposit lay on their ancestral land.
Last year Inco finally struck a deal, agreeing to build a $530 million nickel processor in Newfoundland and getting the Canadian government to kick in $100 million, partly to train Innu and Inuit for work at the mine and plant. Inco admitted it overpaid by taking a $1.6 billion writedown on its Voisey's Bay investment in 2002. Friedland got to walk away from it all, pocketing $400 million for his 13% stake in Diamond Fields. |
