On June 4, 1996, the European Space Agency (ESA) launched an Ariane 5 rocket from Kourou, French Guiana. The rocket was destroyed forty seconds after its lift-off. According to the report written by the Inquiry Board (published July 19, 1996) the proximate cause of the loss of the Ariane 501 was the complete loss of guidance and attitude information 37 seconds after main engine ignition sequence start (or about 30 seconds after lift-off). The launch of the Ariane 5 was its first, after a decade of development costing over $7 billion. The destroyed rocket and its cargo were valued at $500 million.