The Poseidon Boom
The Rise and Fall of Poseidon NL (Sept 1969-Sept 1971)
Ken Shirley’s discovery in April 1969 of gossan (weathered surface rocks of underlying mineralisation) at a time when nickel was in short supply triggered a rush for shares in the company Poseidon NL that reverberated through the stock market of the world. Fortunes were made and lost in all parts of the globe as the shares went from 80 cents to $280 in five months and then down to $39 ten months later, and, by 1976, to 38 cents. If Shirley had missed this location, the ore body would have stayed where it was until someone else found it. One can only speculate.
Due to the sheer quantity of articles regarding Poseidon NL, Samin Ltd and other related companies, a select range have been chosen for this book. This selection represents an honest overview of this incredible time in history for the Australian share market; as well as for the companies, people and shareholders involved.
Specs:297x210mm, 474 pages, Paperback
Author:Andrew Kenneth May