Mount Windarra Mine

Australia / Western Australia / Kalgoorlie-Boulder /
 ruins, abandoned / shut down, mine
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The Poseidon bubble was a stock market bubble in which the price of Australian mining shares soared in late 1969, then crashed in early 1970. It was triggered by the Poseidon NL company's discovery of a promising site for nickel mining in September 1969. Mining stocks peaked in January 1970, then immediately crashed. Poseidon shares peaked at an intraday high of $280 in February 1970, and fell rapidly thereafter. By the time Poseidon actually started producing nickel, the price of nickel had fallen. Also, the nickel ore was of a lower grade than originally thought, so extraction costs were higher. Profits from the mine were not sufficient to keep Poseidon afloat, and in 1976 it delisted. Western Mining then took over the mine, operating it until 1991.


Reference for location:
bonzle.com/c/a?a=p&p=2261&c=3&x=122%2E238071369096&y=%2...
Wikipedia article: http://en.wikipedia.org/wiki/Poseidon_bubble
Nearby cities:
Coordinates:   28°29'31"S   122°14'32"E

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This article was last modified 9 years ago