Chapter 65: The Largest Copper Mine
Li Tang wasn't the least bit nervous. He calmly pulled out the handwritten report and began summarizing what he had already shared with Qin Jianshe: "Currently, the estimated resource volume includes 2 million tons of copper metal, 100,000 tons of molybdenum metal, along with associated gold, silver, and other polymetallic elements. Based on current domestic market prices, the total market value of these resources exceeds 45 billion yuan."
As Niu Fu, Ou Pingguo, and Zhao Hepu exchanged astonished glances, Li Tang added, "Since this was a preliminary survey, the drilling density was low, and the depth of drill holes was mostly limited to within 300 meters—many were just 50 to 100 meters. To obtain more accurate figures, we need to proceed to a detailed survey phase."
"Two million tons of copper… that's a pretty impressive number," Niu Fu said, still trying to process the magnitude of the estimate.
"According to China's classification," Ou Pingguo explained, "a large copper deposit requires just 500,000 tons of metal. Two million tons qualifies as a super-large deposit."
"So, what you're saying is—we've found a major mine?" Niu Fu, who rarely showed emotion, now wore a visibly animated expression.
"Yes, as per our expectations, we've successfully located a copper deposit," Li Tang confirmed with a nod.
Qin Jianshe chimed in with pride, "Based on current findings, we project the future potential resource volume could exceed ten million tons! Which means, our original feasibility report wasn't exaggerated at all."
Ten million tons of copper...
Even someone as seasoned as Niu Fu couldn't help but be moved.
He understood perfectly well—if this super deposit was real, Wukuang Group would be changed forever.
Their current transformation strategy—pivoting from a light-asset model to a heavy-asset company—would become a resounding success.
In fact, it would be a leap forward.
Wukuang Group didn't own much upstream resource to begin with. Most of its mines were legacy sites inherited from the old Mining & Metallurgy Company, many of them small and nearing depletion.
But now, if they could bring a super copper mine like this into production, then—combined with their existing industrial chains and talent infrastructure—Wukuang Group's growth would be unstoppable.
For any mining company, owning a world-class mine is like laying a foundation for a skyscraper.
More importantly, Wukuang's copper reserves would go from negligible to being among the top in the country.
This would become a glowing milestone in Niu Fu's professional legacy.
"Xiao Wang!" he called out to his assistant, clearly excited.
"Yes, General Manager Niu," the assistant quickly stepped in.
"Postpone my upcoming international trip by two weeks."
"Understood," the assistant replied with visible difficulty, then walked out to revise the schedule.
"Xiao Wang!" Niu called again.
The assistant rushed back in.
"Get in touch with some media contacts. Let's release a modest report on our copper exploration success in Tibet. I believe senior leadership, the public, and the market all deserve to hear about this. Our domestic mining sector has been in a slump for years. If we've really found a mine of this scale, it will reinvigorate the industry."
"Yes, I'll handle it right away." The assistant turned and left quickly.
Facing Ou Pingguo and Zhao Hepu, Niu allowed himself a rare smile. "Just before year-end, we signed a new long-term contract with an Australian iron ore producer to increase this year's imports. I was planning to visit their mine sites. But now that we've struck copper, that trip can wait. First, we go to Tibet!"
Wukuang Group didn't have its own steel plants, but it imported a large volume of iron ore for resale, profiting from the price difference.
In the coming years, iron ore demand would far exceed supply. Spot prices would soar well beyond the rates in long-term contracts—meaning this trading business could bring in profits even larger than actual steelmaking.
Sometimes, the profit from simply reselling iron ore exceeded the entire margin of steel producers.
The iron ore trade had already begun heating up.
This business was mainly handled by Wukuang Group's trading subsidiary, whose revenue made up a large chunk of the Group's overall turnover.
Naturally, Niu paid close attention to it.
In contrast, he rarely concerned himself with the newly formed exploration company—until now.
This unexpected success had caught him by surprise—in the best way possible.
…
Meanwhile, in Tibet, China Central Television (CCTV) reporters and cameramen arrived at the provincial office, asking to conduct interviews.
Director Norbu of the provincial Land and Resources Department was caught off guard. He had no idea what these journalists wanted from him—or whether it might put his career at risk.
"We've learned that a super-large copper deposit was discovered in Gongka County, Tibet. Preliminary estimates suggest the potential resource could exceed ten million tons, possibly making it the largest copper mine in China. As the local regulatory body, can you confirm the accuracy of this information?" The female reporter held a microphone in one hand, trailing its cable behind her as she asked her question.
"The largest copper mine?" Norbu repeated in confusion.
There weren't many ongoing exploration projects in Tibet. Besides a few publicly funded government initiatives, almost no private capital was willing to invest in such a remote area.
He quickly ran through all the active projects in his mind—but none of them stood out as having achieved such a breakthrough.
"I'm sorry, I can't give an interview at this time. As you know, certain topics related to mineral resources are subject to confidentiality policies," he said.
"We're not asking for sensitive information—just a confirmation of the news," the reporter pressed.
"I'm sorry, I can't disclose anything," Norbu said firmly.
He stepped out and summoned his staff to politely escort the CCTV crew out. Then he immediately picked up the phone and dialed the provincial Geological Survey Bureau.
"Have any of your exploration projects found a large copper deposit?"
"No?"
"You're telling me the Qulong Copper Project in Gongka has had several positive drill results recently?"
"Okay, I won't hold you up—thanks."
Norbu hung up and sat in stunned silence.
His wide, round face was suddenly filled with unease.
CCTV had already come knocking, and he—the official responsible for overseeing land resources in the region—didn't even know that a super-large copper mine had been found within his jurisdiction.
This was a serious dereliction of duty.
He rushed next door into the Department of Geological Resources and barked, "Get a vehicle ready immediately. We're heading to Gongka County to inspect the Qulong Copper Project!"
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