Chapter 202: Priceless
"I called everyone here today for two main reasons," Li Tang said as he sat at the head of the conference table, calm and composed, facing the senior representatives of China's top mining enterprises. "First, I want to report on the results we've achieved this year at the Taluge Copper-Gold Project."
Upon hearing that, the leaders from Wukuang Group, who were already aware of the project's developments, exchanged knowing glances.
They were eagerly anticipating the reactions of the other shareholders once the full details were revealed.
"This is a big one. I better take notes," Niu Fu said as he pulled out his notebook and straightened his posture like a student preparing for class.
The others from Wukuang followed suit, opening their notebooks.
"What's going on?" Li Xingchao, always composed and scholarly, smiled gently. "Seems like Wukuang came prepared. Are we missing some insider scoop?"
"They must know something we don't," said Cheng Muyie with a chuckle.
"You folks are the hands-off investors. We at Wukuang have been directly involved in the operations of Zhongcheng Mining. Naturally, we take this more seriously," Niu said, keeping the suspense alive. "Especially when the speaker is our company's general manager, Li Tang—we wouldn't miss a word."
Li Tang saw everyone's relaxed expressions and the lighthearted mood in the room. He smiled as well and began his presentation.
"Let me brief everyone on the Taluge Copper-Gold Project."
He opened his laptop and began. "So far, we've completed over 400 drill holes, with a total drilling depth of 97,000 meters. The total expenditure is approximately 230 million yuan."
"That much?" someone blurted out in surprise.
"Roughly 70 million was used to acquire the exploration license in the initial phase. About 40 million went toward exploration services provided by the China Geological Survey and the Guizhou Geological Bureau. The remaining 120 million was spent on drilling operations and chemical analysis."
Li Tang had detailed financial reports at hand. Every yuan was clearly recorded, with no ambiguity. He spoke with full transparency and confidence.
Yes, the spending had been substantial—but it was all justifiable.
"As for drilling costs, around 20%, about 20 million yuan, is still outstanding to the Mengguo drilling contractors. Per contract, this will be paid after project completion. The two domestic exploration agencies are also owed a bit over 10 million each, which is being settled."
"So that's over 200 million already spent, with 30 to 40 million still unpaid!"
"We nearly blew through our entire annual budget at Tongdu Nonferrous!" someone joked, half-serious.
"We'll need to see detailed financials," someone else added. "That kind of burn rate is… intense."
Everyone was a bit alarmed. Two hundred million yuan—gone in just a few months?
That kind of number, if made public, would definitely trigger suspicions. People would start asking whether a state-owned enterprise had just burned through national funds on a foreign venture.
Especially companies like Jiujiang Copper and Tongdu, both of which had survived lean decades. They'd never even imagined casually spending 200 million yuan in cash.
Back when they decided to invest in Zhongcheng Mining, they had only committed 5 million each, just to follow the lead of the Yanjing-based firms.
Even that 5 million was painful.
Now to hear 200 million had already been spent…
Well, that was unsettling.
Fortunately, the leaders from Wukuang, Shenxia, and Huajin were calm and composed.
They showed no signs of worry or doubt about Li Tang's spending.
"All the reports were prepared by Deputy Director Ren Qingqing of Wukuang Group's Finance Department. We'll provide each shareholder with a copy," Niu Fu said firmly, standing by Li Tang. "Everything is above board and open for scrutiny."
"But now, Li Tang, you'd better tell us what results came from all that spending. If you'd burned through that much money and achieved nothing, that would be a problem. But if you've delivered results worthy of that investment, then that's what counts."
"Understood," Li Tang nodded, then said succinctly, "Based on the 97,000 meters of drilling, we have outlined five major ore bodies: one high-grade deposit in the southwest, one each in the southern and central zones, and two high-grade deposits in the far-northern region. According to chemical analysis, the reserves are—23 million tons of copper, 760 tons of gold—"
"Wait a second!" Cheng Muyie suddenly interrupted, visibly shocked by one of the figures. "Did you say… 760 tons of gold?"
"That's correct," Li Tang confirmed.
"That's an extraordinary amount!" Cheng exclaimed, scanning the room. "A gold reserve of that size is incredibly rare, even globally."
Some in the room weren't as attuned to the value of gold, and it took them a moment to grasp the full implications.
"What's the average grade?" Cheng asked eagerly.
"In the southwestern high-grade ore body, the average gold grade is 3.6 grams per ton," Li Tang said. "In the other ore bodies, the grade is mostly above 0.3 grams per ton."
"That's more than enough to be commercially viable!"
Cheng was practically unable to sit still. "If the international gold giants catch wind of this, they'll stop at nothing to get their hands on that mining license. If further exploration confirms reserves exceeding 1,000 tons, this could rank among the world's top ten largest gold deposits!"
Waving his arms, he could hardly contain himself. "This is probably the largest gold deposit ever controlled by a Chinese mining firm!"
China had never had a domestic gold deposit of this scale.
The largest previously known was the Yuni Gou gold deposit in Guizhou, with less than 150 tons of reserves.
But this—760 tons!
And with grades above 3 grams per ton, the value was… simply incalculable.
"What a pity," Cheng sighed. "This license isn't in China. Gold is tightly regulated everywhere—you can't just mine it and ship it out."
His words had stirred the room. Everyone was now visibly energized.
"Actually, the copper grades are also very high," Niu Fu reminded everyone.
Resuming his interrupted speech, Li Tang continued, "We've identified reserves of 23 million tons of copper, 760 tons of gold, and 5,400 tons of silver…"
"You're not joking, right?" asked Feng Sinian of Jiujiang Copper, interrupting again. "You're saying this one project has more copper than Qulong or even Qinglong?"
"I wouldn't joke about this," Li Tang said calmly. He understood that everyone was reacting to the gravity of the numbers. He wasn't the least bit offended.
"Twenty-three million tons…" Feng repeated like he was under a spell.
He looked into Li Tang's eyes. "Do you know what that number means?"
"What does it mean?" Li Tang asked.
"We at Jiujiang Copper are the leading copper producer in China. It's not an exaggeration to say we're number one."
He lifted his chin and held up a thumb—his pride obvious, even with other giants in the room.
"This year, our mines produced 120,000 tons of copper. Ranked first in the nation."
That number only included domestically mined copper—not the result of smelting imported concentrate, which technically belonged to foreign suppliers.
They were paid processing fees, but not the value of the copper itself.
120,000 tons of domestically mined copper—yes, they were the top.
Total national production of refined copper from Chinese ore this year was just over 500,000 tons.
That meant Jiujiang Copper accounted for nearly a quarter of that.
These were official numbers, backed by the Nonferrous Metals Association.
They weren't bragging. It was just fact.
"Under your leadership, Jiujiang Copper has reached new heights," Niu said kindly.
"Yes, Jiujiang has made enormous contributions to our country's copper supply," others chimed in.
"Director Feng is someone we all look up to."
The tone in the room was lighthearted, filled with mutual respect.
But Feng was not basking in praise. Quite the opposite—he felt a growing sense of urgency.
That was why he had brought up Jiujiang's production numbers.
Not to brag—but to warn.
"To be honest," he said, turning to Li Tang, "the past two years have been a wake-up call. For decades, Jiujiang has been the industry leader. But right now, we only have 9 million tons of proven copper reserves left."
That revelation drew quiet nods of understanding.
As a company leader, Feng understood better than anyone—your reserves determine your future.
For decades, Jiujiang had led the way.
They never felt threatened.
But now?
With discoveries like Qulong and Qinglong—both exceeding 10 million tons—and now Taluge?
Once even one of these mines starts producing, they'll easily surpass Jiujiang's 120,000 tons per year.
Those "young" mines would inevitably surpass the "aging" ones.
Once that happens, Jiujiang will lose its number one spot.
Every company, every executive dreams of being number one.
But without reserves to back it up, that dream crumbles.
In terms of copper resource reserves, Jiujiang was already no longer number one.
Wukuang, Purple Mining… and now Zhongcheng.
Zhongcheng—a brand-new company—might soon overtake Jiujiang.
It was painful to admit.
Especially knowing that he could've invested more, earlier.
But they hadn't.
And now, watching this unfolding from the sidelines, it stung.
"…Now a new company like Zhongcheng Mining has managed to achieve what we haven't in decades."
Feng Sinian exhaled, full of emotion. "Honestly, seeing these results, I feel proud. Not just for the industry, but for the nation."
He wasn't exaggerating.
The copper industry had long relied on foreign supply and technological imports. Now, a Chinese-led exploration company had not only found a world-class copper deposit but a high-grade one at that—and they had done it abroad.
This was a win for the entire country.
"It's worth celebrating," said Li Xingchao, nodding. "This is not a loss for any of us. This is a victory for Chinese mining."
His calm, scholarly voice helped ease the tension in the room.
Feng Sinian smiled, a bit self-deprecating. "Don't mind me. I'm just having a moment of reflection. I'm genuinely happy for all of us—especially that this happened with Li Tang at the helm."
"Indeed," Cheng Muyie agreed. "If this project continues to grow, it won't just benefit Zhongcheng Mining—it'll benefit every shareholder, every supporting enterprise, and eventually, our entire domestic copper and gold sectors."
Zhao Hepu raised a hand slightly. "We've heard the numbers. Now, what's the next step? What's the plan going forward?"
The room grew quiet again, all eyes turning back to Li Tang.
He didn't hesitate.
He flipped open the project document before him and said clearly, "There are two high-grade orebodies in the far-northern zone. They're very deep—one of them begins below 1,000 meters. Our next step is focused drilling in that region."
Qin Jianshe added supportively, "If we can fully define those two orebodies, we estimate the copper reserves could increase by another 10 million tons—on top of the existing 23 million. That would bring us to over 30 million tons total."
Gasps echoed around the room.
"Thirty million tons?" someone whispered.
"That would make it the world's largest undeveloped copper-gold deposit!" another person added.
Li Tang nodded. "Drilling those deep holes is expensive. We estimate another 50 to 100 million yuan will be required. For now, we've set a preliminary fundraising goal of 80 million."
A hush followed.
That meant total investment in the project would reach 300 million yuan—or roughly $40 million USD.
That would make it one of the largest single exploration investments in the international market.
But Li Tang's tone was calm, almost casual.
He knew what others didn't—how much value this deposit could still unlock. If they stayed focused and avoided unnecessary holes, even 300 million yuan was conservative.
In most countries, finding a deposit of this size and richness would cost at least $100 million in exploration.
He opened the investment plan and was about to outline the details when Feng Sinian suddenly stood up.
"We at Jiujiang Copper are willing to invest at least 30 million yuan!" he declared. "If we're given a little time to prepare funds, we're even willing to cover the entire new round of funding ourselves!"
A commotion followed.
As existing shareholders, they had priority rights for new equity offerings. More investment meant more shares.
That was a simple fact.
And seeing the explosive results from Taluge, they now wanted a bigger piece of the pie—before international giants caught wind.
Everyone knew: if Li Tang put this license up for sale tomorrow, companies around the world would line up to offer over $1 billion.
Their original investment—200 million yuan—was now worth well over 10 billion yuan.
Li Tang, of course, wasn't naive.
He understood the mine's real value—possibly even more than the others.
He also knew what was coming: the global mining market was about to enter a historic boom cycle.
If this followed the original historical trend, once Aiwanhao announced the discovery, their market value exploded to over $5 billion USD.
If handled correctly, Taluge's real value could easily exceed that.
Once developed, its ripple effects would reach across China's entire non-ferrous industry—transport, manufacturing, heavy industry.
It wasn't a stretch to say the deposit's economic value could be measured in hundreds of billions.
Of course, he wasn't the only one who realized this.
The other company leaders were no fools.
"Director Feng, don't rush," someone teased. "This isn't a race where whoever raises their hand first gets more."
"Even if we do a capital increase, we'll follow the original equity ratios. Everyone gets a fair shot."
"Exactly. If everyone grabs for a bigger share now, we'll end up fighting each other."
The room turned lively again.
Despite the pleasantries, no one wanted to give ground when it came to profits.
They were all sharpening their claws—ready to dive in.
With the discovery confirmed, no one wanted to miss their chance.
Right now, Li Tang and Wukuang together held 51% of Zhongcheng Mining. They had controlling power.
And most of the company's day-to-day management came from Li Tang's people and Wukuang staff.
Their voices carried the most weight.
If Wukuang decided to scoop up the entire new issuance, others would surely object.
Yes, they had the majority—but the other shareholders could still band together and vote down any resolution.
Everyone turned to Li Tang.
Because in truth, his voice mattered most.
Niu Fu understood that—and he also knew Li Tang leaned toward Wukuang. So he wasn't worried.
He raised a hand and said in his deep, steady voice, "Let's hear Li Tang's plan first."
"Li Tang, if you're unsure about capital operations, we can discuss it privately. In this field, capital strategy is key."
"And to be honest, this should be your decision," someone else added. "You're the project lead, the founder, the one who built this from the ground up."
"Whatever funding structure you choose, I'll support it," said another shareholder.
Everyone was eager now, and began offering opinions and proposals.
Li Tang waited patiently. When the room quieted down, he spoke:
"Zhongcheng Mining's current shareholder structure is healthy. I don't plan to bring in any new strategic investors. I also don't want to dilute existing shareholders unnecessarily."
"That means the new shares will be issued according to current ownership ratios?"
"That's fair—no one loses out."
"But what about those of us who only invested a small amount at the beginning? Can we invest more now?"
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