JSC «Siberia for mining» explored an gold ore area in Sudan.
Company drilled 10 boreholes and the price for it was 3 500 000 USD.
A gold nugget was extracted from one of their boreholes. It was concluded that it is a gold vein with 46.000 tones of total expected gold amount based on that result.
Before this mistake was revealed, company had lost money on additional drilling and mining site mobilization.
Additionally, company acquired a serious reputation loss: based on a wrong data an agreement with government was signed, and it was announced in all world media.