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Web-only Exclusives
November 30, 2000

From Our Correspondent: Hirohito and the War
A conversation with biographer Herbert Bix

From Our Correspondent: A Rough Road Ahead
Bad news for the Philippines - and some others

From Our Correspondent: Making Enemies
Indonesia needs friends. So why is it picking fights?

Asiaweek Time Asia Now Asiaweek story

BIGGEST GOLD FIND EVER?


THREE YEARS AFTER DISCOVERING what is touted as the world’s richest gold lode in Indonesia’s Kalimantan province, Canada’s Bre-X Minerals may have finally hit the jackpot. It reached an agreement for a development venture with the Indonesian government and other partners last week. Bre-X claims the mine could yield 200 million ounces of the metal -- more than Indonesia’s total confirmed gold reserves and worth some $68 billion at current prices. The pact at a glance:

WINNERS

Bre-X Minerals keeps 45% of the mine -- but is paid nothing for the other 45% it gave up

Bob Hasan gets 30% through PT Askatindo Karya Mineral and PT Amsya Lyna -- for free

America’s Freeport-McMoRan Copper & Gold takes a 15% stake and operational control of the project -- and kicks in $400 million up front as initial investment

The Indonesian government gets 10% of the shares, also free

LOSERS

Canada’s Barrick Gold Corp. ends up with nothing despite expensive lobbying and even linking up with President Suharto’s eldest daughter, Siti Hardijanti Rukmana

Barrick’s Canadian rival Placer Dome also loses out. It had explored a merger with Bre-X but now says it would be difficult to proceed

Also out in the cold: Indonesian state-controlled mining firms PT Aneka Tambang and PT Tambang Timah, Canada’s Teck Corp. and Newmont Mining of the U.S.

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SINGAPORE: Singaporeans need to have more babies. But success breeds selfishness


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