We have just seen Rich Lingenfelter’s new book(s) on mine financing. Entitled “Bonanzas and Borasscas”, Lingenfelter originally was set to write a book on classic historical mining scams. But it turned into a work of a lifetime, and centers more on the specific mining rushes and the gallant efforts made by generations of American business greed to fleece the public of their pocket change (millions!). It’s a MUST READ.

I love the work, but cant help myself at every junction, since each of his stories is so exciting to me that I’m sure he or I could write a book about each incident. There are more indepth stories about mine finance swindles here in these volumes than I can remember seeing anywhere – and very well presented at that. The book(s) remind me that the mining business is really a five part game: A) Theory to grass roots exploration B) Exploration to Development C) Production D) Deconstruction and Environmental mitigation E) The Finance Game which entails all or parts of these These books are about E, above. Only a handful of mine financiers ever ran the gamut of the five steps listed above – among them, and the most successful, was George Hearst. Those of us who have worked at all these parts, particularly the miners and millmen or yore, understood that “profit” was a heck of a lot more than just finding ore that could produce enough bullion to make paychecks. Too often the upper echelon “management” of these companies sandbagged their financial sheets with outrageous expenses so they could take home more cash – which ultimately was at the expense of the shareholder AND the people doing the real work, inclusive of geologists, secretaries and mechanics. The books are fascinating, and to me exciting, but my wife says I’m a whacko at loving mining history. Sound familiar? But all of you have been through this – it was called the “dot-com” era, where public companies were formed, floated, and the principals and brokers took home the cash, leaving the shareholders with an empty bag. How ‘bout the latest Wall Street crash? Same game, new stories. Generally absent are views and stories about the geology, mining engineering and legitimate risk measures undertaken by many of the mining companies.

It would be impossible to add this angle to these books because it would then become a fifty volume set. So, since we can’t spend our lives relating all these stories, you’ll have to read his book and come ask us (Rich and I) about the mining geology angle etc. You can get this book from us, 2 volumes for about $70 plus shipping, or order direct from the Arthur Clark Company. Fred Holabird