Until September 1969, Poseidon was a name known only to a handful of investors. Then, in the space of four months, the stock rocketed from 80 cents to $280 a share, and pushed the speculative share market sky-high. All of a sudden, thousands of ordinary Australians who had never seen a mine or even a stock exchange were gambling in the wildest stock market boom the nation has ever seen.
Millions of dollars were won and lost in a matter of hours. Sadly, just about everyone lost in the end.
So what happened? And why?
In The Money Miners, Trevor Sykes writes of how and why mining shares rose and fell so dramatically, and traces the scandals and collapse of many companies - Poseidon, Tasminex, Queensland Mines, Minsec, Patrick Partners and others. Ultimately, this is a story of greed, a story of those who were more interested in mining money rather than minerals.
Allen & Unwin
Country of Publication:
01 May 1995
Origins; the devil's metal; showing endurance; the oil floats; indigestion and interest rates; the lull; the Poseidon adventure; October - the fever starts; November - arithmetic month; a wow of a Christmas; January 1970; running wild; tasminex - the last straw; the view from the Molongo; decline; Nabarlek - the orebody that shrank; the fall of the house of Minsec; panic in teh boardrooms; the destruction of Patricks; after the ball; where were the watchdogs?