Chapter 255: A Sense of Déjà Vu
"Didn't you all have a previous acquisition plan in Austria?" Li Xingchao recalled hearing something about a Wukuang Group deal.
"He was still with Wukuang back then. It was his recommendation that made me ultimately decide not to go through with it," said Niu Fu, sounding a bit nostalgic as he mentioned Li Tang used to be one of them.
"Coastal Resources Company," Li Tang remembered.
"Turns out, we made the right call," Niu Fu said, relieved.
"Was there really something wrong with Coastal Resources?" Li Tang wasn't aware of what had happened after that.
"The iron ore mining rights under Coastal Resources were bought from another company. There was a trap in the contract. By the time they tried to sell shares, they were already in a dispute with the previous owner."
Niu Fu had only learned of this later. "I heard they've already gone to court. Coastal's stock price has plummeted, and there's even a chance the mining rights might revert back to the original owner."
"How did it come to that?" Li Tang couldn't quite make sense of it.
"Not sure of the details. But apparently, they got set up," Niu Fu sighed.
"A place like Austria is supposed to have strong rule of law, but even there, people are a mixed bag," Li Xingchao added with a sigh. "Internationally, people say our system isn't open, that we're not a favorable investment environment. But from where we stand, that 'closedness' has actually protected our resources quite well."
"Otherwise, we wouldn't have retained so many of our mineral assets."
Thinking the conversation had strayed too far, Niu Fu turned to Li Tang. "You just said you're looking to acquire an iron ore company in Austria?"
"Yes. I've already sent someone over to gather information," Li Tang nodded.
"Are you planning to go solo, or should we tag along?"
By now, no one doubted Li Tang's judgment—especially when it came to spotting quality mining assets. He had a unique eye for it.
Niu Fu, one of the earliest people to recognize Li Tang's talent, was understandably curious and eager.
"That's up to you guys," Li Tang said with a shrug. "I'll definitely go to Austria. I plan to get into the iron ore business. In my view, the prospects of iron are no worse than copper."
"Our domestic iron ore sector has been in decline for over a decade," said Niu, who had deep insights into the iron market. Wukuang held a huge portion of that business. "The Mining Association even released a report saying our national reserves have been decreasing for years."
What's negative growth?
It means no investment in exploration, no new discoveries, while existing mines are constantly being depleted. Naturally, total reserves shrink.
"I read an article recently. Experts predicted this lukewarm trend in iron might last another five to ten years," said Li Xingchao, recalling a recent piece. "One of our top experts said it."
"That's nonsense!" Li Tang cut in sharply, not bothering to explain further.
"But the article was very persuasive. It argued that global reserves are abundant—enough to last a century. Plus, with current production outpacing demand, prices will remain stable for years."
"That expert seriously underestimated China's growing demand for iron ore," Li Tang replied.
"I believe you," Niu Fu said, though he still had questions. "If I remember correctly, didn't your Zhen'guan Exploration Company borrow 50 million yuan from Director Li? Isn't that loan coming due?"
"Not yet," said Li Xingchao with a chuckle. "Things like this are easy to work out among friends."
He looked at Li Tang as if to say, "Just ask me—consider it a favor from your future father-in-law."
But Li Tang didn't pick up on the hint. Confidently, he said, "The funds are ready. I won't be late on repayment."
"Didn't you invest all your money into the Talego Copper-Gold project?" Niu Fu was surprised. "That's not going to generate returns anytime soon. Where'd you get the money?"
He was clearly concerned that Li Tang might've accepted funds from international mining giants—which could complicate things later.
"I sold part of my shares in Shazhai Molybdenum."
"Shazhai Molybdenum!"
Niu Fu was momentarily speechless.
That project had once come up in a discussion with Zhao Hepu, but since it wasn't a sector the group was familiar with, they hadn't joined in.
Now, seemingly in the blink of an eye, that project had become a smashing success.
Shazhai was now the largest molybdenum deposit in the country.
"I'll use those funds to repay Shenxia Group and Huajin Group the 50 million yuan. The rest will go into the iron ore venture in Austria."
Li Tang clearly laid out his plan.
He didn't have a deep bench or endless capital. If he could pull in strong partners, he'd welcome it.
Going solo? Only if he could handle the whole thing himself.
In global exploration and mining development, few could go it alone. Most sought investors, raised funds through IPOs, or issued bonds.
"Once you have concrete info, let's talk seriously," Niu Fu said, clearly interested in getting into Austria's iron ore sector.
"Don't forget Shenxia Group!"
Li Xingchao smiled. "If something's up, just let Xinqi know—she'll pass it along to me."
…
Freeport Copper & Gold, one of the world's largest mining companies, also had operations in Mongolia and had caught wind of the difficulties surrounding the Talego Copper-Gold Mine license.
Chris, the company's Director of Project Development, was sent by the CEO with a few staff members to Yanjing.
This wasn't a mission with a clear directive—it was a reconnaissance trip, aimed at gauging Zhongcheng Mining's position on the project.
The air smelled of opportunity. Perhaps in the chaos, they could swoop in and acquire the mining rights.
After all, this was the world's largest undeveloped copper-gold deposit.
For a top-three global copper miner, such a prospect couldn't be ignored.
As soon as they landed, they didn't rest. With help from Freeport's local office in Yanjing, they headed straight for Zhongcheng's headquarters.
Li Tang was preparing to fly to Mongolia for direct talks with the Ministry of Industry and Trade.
He hadn't expected Freeport's people to come knocking on his door.
"This is Mr. Chris, Director of Project Development at Freeport Copper & Gold," the local staffer introduced him in Chinese.
Then he turned to Chris and switched to English. "This is Mr. Li Tang, General Manager of Zhongcheng Mining. He basically calls the shots for everything here."
Li Tang was packing his things, preparing to leave for the airport and fly straight to Ulaanbaatar.
He wanted to get a firsthand read on Bayar and the Ministry's stance on the license issue.
Every day of delay meant more losses for Wukuang and Shenxia in their suspended trade.
Ending the standoff quickly was in everyone's best interest.
Time was money.
Time was especially valuable right now.
He was literally on his way out the door.
"Hello," he greeted curtly. The timing of this visit wasn't ideal.
"You're younger than I expected!"
Chris studied Li Tang's youthful face. "You look younger than my daughter. Are you even twenty?"
It was small talk, clearly meant to break the ice and build rapport.
But Li Tang didn't have time for that. "I'm over twenty. Mr. Chris, and everyone else—what brings you here?"
"You seem like you're in a hurry," Chris said with a polite smile.
"Please get to the point. If this isn't urgent, let's speak another time."
"You're a man of action, I see."
Chris quickly cut to the chase. "We're here on behalf of Freeport Copper & Gold to express our interest. We've actually spoken on the phone before..."
"Please, get to the point," Li Tang interrupted again.
How rude!
In that instant, Chris felt that this young man lacked basic manners.
So young, with so much success—it seemed to have gone to his head.
Still, he didn't say anything. He just accelerated the conversation: "We'd like to know whether Zhongcheng Mining is open to strategic investment."
"What do you mean by that?"
Of course, Li Tang already had a good idea.
"Your company's Talego Copper-Gold Mine has run into difficulties obtaining the mining license. Freeport-McMoRan can help you with that, and also provide technical and financial support for project development," Chris said with genuine sincerity, his attitude calm and respectful. "We can give you comprehensive support."
"You're not the first major international mining group to express such interest," Li Tang replied without a hint of enthusiasm.
"I can promise you this," Chris said, aware that competition in this matter would be intense. "Our support from Freeport will be open and flexible!"
"What do you mean by open and flexible?"
"We won't interfere with daily operations. You will still be the decision-maker and the actual owner of the company."
"You're the first company to offer this kind of cooperation model."
Li Tang understood what Chris was saying: they would invest resources and money, and once the project succeeded, they would share in the profits—but without interfering in control.
This kind of model was often well-received by founders or majority shareholders seeking financing.
"Not only will we refrain from interfering in decisions, we won't assign anyone to the executive team either."
"I can feel your sincerity."
Li Tang was honest about that. But he glanced at the time and spoke plainly, "I'm afraid I have to apologize."
"Apologize? For what?" Chris looked puzzled.
"Because we're not considering any external investment right now."
Li Tang was already cutting it close. "Sorry, everyone, I can't host you today. I've got a plane to catch. If I miss it, I'll have to wait until tomorrow, and I can't afford the delay. Please, make yourselves comfortable."
He walked to the door, looked back at the Freeport team still inside his office, his eyes saying clearly: time to go.
Though it felt like he was shooing them out, he had no choice.
He was about to leave, and the office—filled with sensitive documents and contracts—had to be locked.
Chris was stunned.
So much for China being a country of hospitality!
He had just been unceremoniously kicked out.
But this was Li Tang's turf. They had no say.
Baffled and a little offended, they left the office, only to watch Li Tang shut the door right behind them.
"Sorry, everyone. I'll treat you properly next time we meet," Li Tang said briefly, then turned to a colleague and asked them to look after the guests, while he pressed the elevator button and left.
Chris and the others stood there, utterly dumbfounded.
The other staff at Zhongcheng didn't really know how to receive them either and could only awkwardly stand to the side.
Feeling insulted, Chris lost any desire to linger. He led his team away.
"That guy is incredibly rude!"
"We're from Freeport-McMoRan, and he treated us like we were nothing. I've never met someone like that before."
"He's so arrogant!"
"A young man like him, with such a high position and rapid success—it's no wonder he's let it go to his head."
"Maybe his achievements were handed to him by his father."
"Arrogant people like him are destined to fall hard."
"I wouldn't be surprised if he fails soon."
They left, their impression of Li Tang deeply soured.
But this wasn't what Li Tang had intended at all. Still, misunderstandings were inevitable.
After sending his team back to the hotel to rest, Chris—despite the jet lag—hurried to the China office of Goldman Sachs.
He was desperate to see his daughter.
His daughter had always been unconventional. After joining Goldman, she had personally volunteered to go to China!
The environment there made him uneasy.
Reports suggested the living conditions were poor and potentially dangerous.
But he'd been to China many times and found things to be far better than Western media portrayed—especially in Yanjing, where safety was never a concern.
Through the local office, he contacted the general manager of Goldman Sachs China, a Chinese man who had studied in the U.S., named Wang Xueqin.
"Hello, Mr. Wang. I'm Chris from Freeport-McMoRan. We spoke over the phone." Chris extended his hand politely.
"I remember, Mr. Chris."
Wang Xueqin treated him with the utmost courtesy.
You never knew when someone like Chris, a high-ranking executive, might toss a lucrative M&A deal your way.
"Thank you very much for everything you've done for my daughter."
Chris didn't know much about her current situation but still offered his gratitude.
"Your daughter?" Wang looked puzzled.
"Her name is Alice."
"Oh!" Wang suddenly realized who he meant. "She's a brilliant economist and dealmaker—especially in mining. Her insight is extraordinary! She clearly takes after you."
"Maybe." Chris smiled, then asked, "Is she busy today?"
"She..."
Wang remembered Alice well—after all, she'd been dispatched directly from their U.S. headquarters.
"Alice no longer works here. She resigned."
"What? When did she resign?" Chris was stunned.
He had used personal connections to get her that job at Goldman. Even in the U.S., connections mattered—without them, many things were difficult.
"Last year," Wang said honestly.
"Last year?" Chris nearly shouted. "But when she came home during your holidays, she told us she still worked here! She said she was still in China, working for Goldman!"
"As far as I know, she's still in China. I saw her recently—she stopped by the office to visit old colleagues."
"Where is she now?"
Chris was having trouble processing this. "Did she move to Lehman or Morgan?"
"No. Word is she's working for a Chinese company now."
"What kind of company?"
"From what I've heard, it's a newly established firm, and she owns equity in it."
Wang only knew a little—Alice had mentioned it briefly but never explained in detail.
"My God. She's out of her mind!"
Chris felt like his daughter had lost it—and he was about to lose it too.
He thought her decision was utterly foolish.
"I think it's headquartered in Yunding Tower. I haven't been there, but some colleagues visited her there."
"Thank you very much, Mr. Wang."
After leaving Goldman's China office, Chris no longer felt sleepy. His mind was now spinning with thoughts of his daughter.
After asking around, he finally arrived at Yunding Tower and found the office of Shengtang Holdings.
According to his sources, Alice's employment was indeed registered under this Chinese company.
He rushed into the office, saw some employees, and asked directly, "Hi, I'd like to know—is Alice working here?"
"Minister Alice?"
One of the employees, who spoke English, answered, "She's currently out of the country—not here at the moment."
"Not here?"
Chris was confused and looked around the space, examining the office layout and furnishings.
The first impression of a company always came from its office environment.
He was deeply curious: what kind of Chinese company could convince his daughter to give up a high-paying job at Goldman and jump ship?
Especially since he knew Alice genuinely loved her job in investment banking.
Everywhere he looked, he saw rows of desks, piles of documents.
The general manager's office stood out—it was entirely glass-walled, integrated with the staff workspace. The design was striking and modern.
It felt so familiar!
Wait…
This was the exact same place where he'd just met that young Zhongcheng Mining executive!
He looked through the glass again—same couch, same desk.
Even the glass door's lock—just an hour ago, that same arrogant young man had locked it himself.
No wonder it all looked so familiar.
This was the office of Zhongcheng Mining!
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