Poseidon Nickel Bubble
About Poseidon Nickel Bubble
The Poseidon bubble was an Australian stock bubble centered on Poseidon NL, a nickel mining company. Poseidon shares rose from 0.80 to 280 in five months after discovering nickel deposits. The bubble spread to other mining stocks. Many fraudulent or worthless mining companies were floated. When Poseidon shares crashed in 1970, investors lost millions. The Poseidon bubble led to stricter Australian securities regulation. It is often compared to the dot com bubble in its sector specific speculative frenzy. Poseidon never achieved commercial success from its nickel deposits, despite the enormous stock price. The company went into receivership in 1976.
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