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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: Haq0r who wrote (20135)4/30/1997 7:40:00 PM
From: Dav!d   of 28369
 
Wow, I don't think people have commented on this, but my computer is running slow and I cannot read all of the posts:

From the News Release:

Freeport McMoRan Copper and Gold Inc. (FCX) of the Busang properties has been extended to June 30, 1997, at the request of FCX, to allow for consideration of the findings of the Strathcona audit.

NOW, Why would they extend the review another two months if their initial review came up with zilch? More importantly, read the last sentence and you can INFER that they already know the results from Strathcona. It appears that Jim Bob's meeting in Indonesia was more than a social call. He probably got some info that the results are turning up gold (thus all the rumors) and he is frantically trying to figure out what went wrong. He assayed the core MANY times utilizing MANY different techniques but still came up without gold. Now, he must extend the DD a few months to figure out what is going on.

My interpretation: Freeport and the Indonesian government did not plan on Bre-X hiring Strathcona after the March 26th results came out.
They messed with Freeport's core (HOW???) to drive the price of Bre-X down (recall what Mike Schaefer said in his "global gold report"). But, they did not expect this outcome and probably thought that they could buy out Bre-X without anyone caring. But, now, it is damage control because Strathcona's results will show that Busang is a monster! Freeport will drill some more holes and "use Bre-X's techniques" and POOF!, there is gold at Busang. I must congradulate Indonesia and Freeport with a clever plot to destroy Bre-X. I just hope that they did not resort to murder.

David
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