Chapter 282 Even a Money-Printing Machine Can't Keep Up With You!
South Australia, Perth Golf Course.
The verdant green fairways stretched out endlessly, framed by a serene lake whose surface shimmered gently in the sunlight. It was an idyllic scene.
Holding his golf club in a thoroughly professional stance, South Australian Governor Zachary gently putted the ball, which rolled accurately into the hole.
Clearly, he was someone who frequently played golf.
Applause and cheers erupted around him.
Rio Tinto's CEO, Alba, applauded heartily with a broad smile: "Governor, your golfing skills are impressive enough to compete professionally—and even win!"
"I've certainly considered playing professionally," Zachary responded confidently, "but unfortunately, my current job is too demanding. Perhaps after retirement."
Alba invited Zachary toward the seating area with a gesture. "The weather is perfect today, Mr. Governor. Let's sit down, enjoy some coffee, and have a chat."
Zachary accepted gladly, sat down comfortably, and sipped his aromatic coffee, feeling completely at ease. "Are Rio Tinto's mines operating smoothly these days?"
"They are. All our mines are running at full capacity," Alba replied.
"In recent years, the international market has consistently increased its demand for iron ore, and prices have continuously risen by approximately 15% per year," Zachary observed cheerfully.
Indeed, apart from mining, South Australia didn't have any industry that could effectively drive economic growth. Tourism, the state's second-largest industry, had a negligible impact and weak growth.
Only the mining sector, accounting for 70% of South Australia's economy, played a decisive role. Increasing iron ore trade and rising prices were crucial factors influencing the state's economic health.
Both men found the current situation highly satisfactory.
"China's growing demand for iron ore has driven global iron ore trade significantly. In fact, we might be on the cusp of another boom," Alba noted optimistically. He could already sense that prosperity was returning to the iron ore market.
"Given current trends, our existing production capacity seems insufficient to meet future global iron ore demands," Alba hinted.
"Are you planning to expand capacity?" Zachary asked, immediately sensing Alba's intent.
"We're prepared to bet on China's sustained iron ore demand, which has grown 20-30% annually. According to our research, this trend will continue for many years," Alba explained confidently.
He had precise market research data, thanks to the diligence of Rio Tinto's team in China.
"Last year, China imported roughly 115 million tons of iron ore." Alba handed Zachary detailed documents. "Based on the data submitted by Mr. Hu in Haigang City, we anticipate this year's Chinese import of iron ore to exceed 130 million tons, significantly surpassing Japan's imports."
Mr. Hu was referring to Hu Shitan, their man stationed in China, who provided highly detailed and valuable data regarding Chinese steelmakers' production plans and iron ore demands.
Zachary examined the detailed figures closely. Clearly, Rio Tinto's forecasting was exceptionally thorough, showcasing their foresight and strategic planning—no wonder the company thrived.
"What's your plan?" Zachary asked directly.
"We're planning an investment of 3 to 5 billion Australian dollars in Hamersley Iron to increase annual iron ore production capacity by another 45 million tons," Alba revealed his primary reason for visiting today: securing full governmental cooperation.
"Our plans will require faster approvals for mine expansions and environmental assessments. We'll need additional support from your administration."
"Not a problem," Zachary readily agreed.
While he technically held approval power, Rio Tinto was Australia's economic backbone, and countless interests were interwoven with the company's fate. Refusing would only bring unnecessary trouble. Historically, government departments cooperated with such requests.
Alba knew this wouldn't be difficult. He'd brought it up so formally mostly out of respect for Zachary.
But Alba had another concern. "I heard your government departments recently approved Lianying Mining's proposal to develop a new iron ore mine with a planned annual production of 55 million tons. Is that correct?"
"If a Chinese company wants to invest 2 billion Australian dollars to develop a mine here, there's no legitimate reason for us to stop them," Zachary responded, slightly puzzled by Alba's question. From his perspective, external investments meant economic growth and employment.
Alba disagreed vehemently. "I doubt these Chinese are genuinely interested in developing our economy. Their management style, technology, and environmental practices can't possibly meet our standards."
Alba's real intent was clear: He wanted to eliminate external iron ore producers from the market. Increased iron ore production would inevitably lower prices, and foreign investment would erode Rio Tinto's market share. Although Lianying Mining was comparatively insignificant, Alba still took the threat seriously, wanting to nip it in the bud.
"Gorez already spoke to me about this," Zachary said calmly, fully aware of Rio Tinto and BHP Billiton's tactics aimed at monopolizing the market. Both companies would gladly swallow each other if they could. They would never allow competitors to challenge their dominance—even tiny ones.
"Outdated technology inevitably results in excessive carbon emissions and environmental damage," Alba emphasized gravely. "If your government sets a precedent by allowing such firms to operate here, it will severely degrade our quality of life, causing irreversible harm."
"I understand your concerns," Zachary replied, fully understanding Alba's real motives but refraining from calling him out. He greatly disliked how these large corporations constantly pressured the government into decisions favorable to them. As governor, he resented these tactics but felt powerless to resist fully.
"I'm simply looking out for all South Australians," Alba asserted self-righteously.
"I'll seriously consider your advice," Zachary replied calmly, hiding his irritation. When Alba finally left, Zachary sat silently, staring at the distant horizon and weighing his options carefully.
…
"I picked up an interesting newspaper earlier," Viduka announced as Alba finally returned to the office, holding up a paper with a curious smile.
"What's the news?" Alba asked, uninterested in reading it himself and preferring Viduka's summary.
"An enormous copper-gold deposit was discovered in the United States," Viduka announced, smiling.
"Oh? How large?"
Alba knew that America wasn't traditionally known for massive copper mines. Major global copper deposits were concentrated in Chile and Peru.
After BHP and Billiton merged into Australia's top mining giant, Rio Tinto sought diversification to compete with BHP Billiton. Relying solely on iron ore was problematic, tying company fortunes entirely to the fluctuations of one market. Diversifying into aluminum and copper had become their strategic objective.
"So far, they've identified reserves of 12 million tons of copper, 1,100 tons of gold, and 800,000 tons of molybdenum," Viduka reported enthusiastically. "But that's only from the project's initial exploration phase. According to the junior exploration company involved, the Pebble Project's potential resources could exceed 30 million tons of copper and over 3,000 tons of gold!"
"What does that mean exactly?" Alba hadn't fully grasped the magnitude yet.
"It means the project might even surpass the Taleguo Copper-Gold mine. And in terms of gold reserves, it could potentially rival the world's largest gold mine, Grasberg!" Viduka explained excitedly.
"Is this accurate?"
"The Canadian Financial Post broke the story first, followed by the Financial Review. Given these publications' reliability, the information should be accurate," Viduka asserted confidently.
"Who currently owns the mining rights?"
"A small Canadian junior exploration company named Northern Dynasty Minerals. However, its stock price soared after news broke, and their market cap is already over 600 million USD," Viduka explained.
"Get in touch with them immediately!" Alba commanded decisively.
He knew junior exploration companies typically sold off their discoveries to large multinational mining companies. Every mining giant globally would compete fiercely to secure such a significant deposit.
"Actually, we're already late," Viduka pointed out, turning the newspaper over. "According to the American press, companies like Anglo American, Freeport-McMoRan, and Alcoa have already approached Northern Dynasty Minerals to negotiate investment opportunities."
"Have they reached any deals?" Alba snapped irritably, annoyed at learning this news late. American firms obviously had home advantage and moved faster than Rio Tinto ever could. If he were Northern Dynasty Minerals' CEO, he'd also prefer dealing first with American companies.
"According to reports, the largest shareholder of Northern Dynasty has publicly welcomed cooperation with major mining corporations," Viduka clarified.
"Damn it!" Alba cursed angrily. "Given Anglo American and Alcoa's financial clout and negotiating expertise, they've probably secured their partnership already!"
Alba felt deeply frustrated, knowing they'd likely missed a rare opportunity.
"There's no concrete information indicating they've finalized a cooperation agreement yet."
Viduka waved the newspaper, revealing a somewhat peculiar smile. "One piece of information is particularly interesting."
"Tell me!" Alba urged impatiently.
"The largest shareholder of Northern Dynasty Minerals is a newly-established American company named Cruise Investment Company."
"Oh?"
"The shareholders of Cruise Investment Company are Freeport-McMoRan Copper & Gold, and a Chinese firm called Li Tang Shengshi Holdings…"
"Freeport-McMoRan?" Alba instantly groaned in disappointment.
Given Freeport-McMoRan's strength, if they've secured the mineral rights, it was virtually impossible they'd relinquish them. Moreover, Freeport-McMoRan owned world-class mines such as Grasberg and Morenci, along with extensive experience operating globally significant mines, plus substantial capital reserves.
"We have no chance," Alba accepted reality reluctantly. "Not even a slight possibility."
All significant mining deposits globally were firmly in the grasp of major mining corporations. The only viable option to seize such mineral rights from other giants was to acquire the entire company holding those rights. But the cost of acquiring a mining giant was far too steep!
"Actually, Freeport-McMoRan isn't even the major shareholder of Cruise Investment Company. Instead, China's Li Tang Shengshi Holdings owns seventy percent of it!" Viduka explained clearly.
"What do you mean?" Alba found this oddly familiar.
"Li Tang Shengshi Holdings!" Viduka reminded him. "That young Chinese exploration expert—Li Tang!"
"What?!" Alba jumped up in shock.
"I've verified it thoroughly. It's definitely Li Tang's mineral rights!"
"How could it be him again?" Alba found it unbelievable at first, but after a moment's reflection, he sighed deeply. "Only he could discover such world-class copper-gold deposits."
"He really is extraordinary!" Viduka, as exploration director, fully understood just how difficult it was to discover even one major global mineral deposit. In just a few short years, this young Chinese man had repeatedly challenged and reshaped the global mining industry's understanding of super-large copper deposits.
Even as competitors, he had to sincerely respect this young Chinese geologist's talent and abilities. This was complete recognition of his extraordinary skill and technical knowledge.
"How can you be so certain it's him?" Alba still had trouble believing it fully.
"The person interviewed by the media on behalf of Cruise Investment Company was Catherine, the former Chief Financial Officer at Lianying Mining. She previously served as assistant to Alice, the Chairwoman of Lianying Mining."
"I think I've heard that name before."
"You must have heard of Alice, at least," Viduka chuckled mischievously. "Local Perth media even speculated that Alice was Li Tang's lover; otherwise, she wouldn't have become Chairwoman and CEO of Lianying Mining at such a young age."
Alba had no interest in gossip, his attention wholly focused on the Pebble Project's mineral rights. "Are you saying Li Tang is the key figure behind discovering this super-large copper-gold deposit?"
"Precisely!" Viduka nodded. "Li Tang recently proposed investing two billion Australian dollars into our iron ore projects. He needs our support and cooperation here in South Australia, which, quite honestly, presents a perfect opportunity for us."
"Go and get Erik here immediately!"
Alba grabbed the phone himself to call Governor Zachary but initially couldn't reach him. Just then, Erik walked in. "Is it urgent?"
"Can we immediately mobilize five or six hundred million US dollars from our liquidity?" Alba asked Erik urgently while dialing Zachary's number once more.
"Yes, we can," Erik nodded. "What project requires such a sudden allocation of funds?"
"The mineral rights to a copper-gold deposit," Viduka interjected.
"This issue must be promptly presented to the board for approval!" Erik warned, knowing that spending such an enormous sum must be authorized by the board of directors.
"The board will definitely agree!" Alba raised his eyebrows confidently. "Erik, immediately prepare the funds. This matter is extremely urgent!"
"Understood." Erik nodded affirmatively.
At that moment, Governor Zachary's voice finally came through the telephone.
"Hello, this is Governor Zachary's office."
"It's Alba."
"I recognized your voice," Zachary answered, sounding puzzled.
Ever since returning from the golf course, Zachary had constantly pondered over Alba and Gorez's proposal. Both executives had pressured him not to approve the feasibility report for Lianying Mining's Qiche iron ore mine. As Governor, he was deeply annoyed by the blatant interference of these powerful enterprises in political decisions. Yet, he couldn't ignore the interests of both mining giants—BHP Billiton and Rio Tinto—as they were, after all, South Australia's primary economic lifelines, contributing significantly to government revenue.
They'd just parted ways—why was Alba suddenly calling again?
"I urgently need to meet with Li Tang!" Alba announced anxiously.
"Li Tang?" Zachary was puzzled.
"Mr. Governor, please help us build a friendly relationship with Li Tang!" Alba insisted.
"A friendly relationship?" Zachary felt bewildered. Just a short while ago, Alba pressured him against approving Li Tang's project, and now he urgently wanted to foster a friendship?
Did Alba have some sort of split personality?
"This is very important to us, Governor. Please do assist us!" Alba maintained a respectful tone.
"I'll get in touch with Li Tang as soon as possible," Zachary finally agreed.
…
Facing Terence, Catherine was extremely nervous.
Terence was clearly furious. "Your boss decided to sell Northern Dynasty Minerals' shares without even discussing it with me first and announced it directly through the media?"
"The media interview asked specifically about that, so I answered truthfully," Catherine replied cautiously.
"I'm also a shareholder of Cruise Investment Company—you've shown us no basic respect whatsoever!" Terence's anger wasn't directed at Catherine personally but rather at their actions, which were genuinely difficult to comprehend and accept.
"Our boss genuinely intends to sell the shares in Northern Dynasty Minerals and clearly instructed me to make this attitude known," Catherine tried to explain.
"You could've consulted us before publicly announcing this intention!" Now, every mining giant knew that Northern Dynasty Minerals' largest shareholder wanted to sell their shares. Securing Northern Dynasty would now involve intense competition.
Such a world-class copper-gold deposit within US territory naturally attracted Freeport-McMoRan's intense interest. Internally, Freeport-McMoRan had already discussed increasing their investments in the Pebble Project and potentially acquiring Li Tang's entire 70% stake in Cruise Investment Company, thereby gaining complete control over Northern Dynasty Minerals.
Unfortunately, their plan was sabotaged unexpectedly by Catherine's public disclosure in the interview. Now, other giants had also rushed forward, determined to secure the Pebble Project.
Seeing Catherine's nervous demeanor, Terence softened slightly. "Which companies have expressed interest in cooperation?"
"Many firms have contacted me," Catherine admitted carefully.
"What specifically have they said?"
"Anglo American directly submitted an offer…"
"How much?"
"350 million US dollars."
Terence was stunned. It was certainly a very high amount, significantly exceeding the current market valuation of Northern Dynasty Minerals.
"Have any other companies submitted offers?" he asked again.
"Apart from Anglo American, others haven't directly offered yet. But BHP Billiton, Alcoa, and Xstrata have expressed a strong willingness to meet directly with our boss to discuss cooperation."
"Tell your boss clearly: he doesn't need to sell shares to anyone else. Sell them directly to me!" Terence insisted firmly. "Tell him to come meet me immediately."
"He anticipated you'd say this," Catherine responded timidly.
"Oh, he foresaw this?"
"My boss said he suggests Freeport-McMoRan also sell your shares."
"Why on earth would we sell Northern Dynasty's shares?" Terence thought Li Tang's suggestion was absurd. "The Pebble Project's potential is enormous—it's surely the next Grasberg! Once exploration is complete, we can leverage it to raise over ten billion dollars for mine development!"
"My boss also said he knew you wouldn't willingly sell, but he advises you not to make any further investments in the project."
"That sounds incredibly childish," Terence found Li Tang's advice impossible to understand.
"He said he offered this advice out of respect for Mr. Cristo," Catherine glanced toward Cristo standing nearby.
She knew this scholarly, bespectacled man was Alice's father. Thus, Li Tang's advice might indeed be genuine, considering Cristo's involvement.
"I don't want to hear your secondhand messages!" Terence snapped impatiently. "Tell your boss to meet me immediately and speak face-to-face."
"My boss has clearly indicated that he won't further discuss cooperation on the Pebble Project with you," Catherine dutifully relayed Li Tang's message, imitating his tone perfectly.
"What exactly is he up to?" Terence wondered aloud in frustration.
Li Tang was deeply concerned about the development progress of the Tarego copper-gold mine. However, to remain safe and avoid any desperate moves by the Mongolian authorities using the bribery investigation as a pretext to detain him, he decided not to travel to Kuren City. Still, he personally accompanied Qin Jianshe to the airport to see him off.
When he returned to Cloud Summit Tower, he received a transoceanic call from Alice.
"My dad is requesting you to go to Arizona, USA. He wants to talk with you personally about the Pebble Project," Alice conveyed Cristo's message.
"It's not your dad's request; it's Freeport-McMoRan's, isn't it?" Li Tang immediately saw through it.
"Are you really planning to sell the shares in the Pebble Project?"
"Yes."
"I fully support your decision," Alice made her stance clear. "Each mineral right we hold seems incredibly valuable, but realistically, with our current financial capacity, it's impossible for us to develop them. We're seriously lacking funds."
"That's exactly my thought," Li Tang agreed.
"Since you've decided to sell your shares anyway, and Freeport-McMoRan is already our partner, why not give them priority? I heard from Catherine that Anglo American has already submitted an offer of 350 million USD to acquire all our shares in Northern Dynasty Minerals!"
"Anglo American has indeed made an offer. I received it, but I instructed Catherine not to reply immediately—let's stall a bit."
Speaking of Anglo American, Li Tang couldn't help recalling additional memories.
Regarding the Pebble Project, Anglo American had previously invested over 500 million USD in exploration and preliminary development work. Similarly, Rio Tinto held nearly 20% shares, investing over 100 million USD themselves.
Yet all these investments vanished without yielding any results.
In the end, Anglo American sold most of its Pebble Project shares at bargain-basement prices. Rio Tinto even directly donated its nearly 20% stake to a local charity organization in Alaska!
After years of effort and enormous investment, why did they willingly accept defeat?
Was there something suspicious behind the so-called world's largest polymetallic deposit at Pebble?
In fact, the Pebble Project genuinely was an extraordinary mineral deposit—authentic and incredibly valuable. If it could be developed smoothly, it would undoubtedly yield continuous wealth for over a century, generating billions of dollars annually.
Yet, this project's actual development remained a distant dream, almost hopeless.
Every new president of the United States, upon assuming office, signed a document explicitly rejecting the approval of the Pebble Project's development plan.
Why?
Due to fierce opposition from environmental activists and protests from the fishing industry!
Bristol Bay was the world's largest salmon fishing ground and a renowned nature reserve. Iconic scenes of salmon migration and bears catching fish were invaluable natural treasures. The Pebble Project lay precisely on the edge of this protected area.
Once developed, environmental pollution—particularly affecting water resources—would be unavoidable.
Though this trillion-dollar mineral right was immensely tempting, it remained frustratingly unattainable.
Li Tang didn't believe that he, a butterfly from the East, would bring about any fundamental changes to the future developments of this controversial project. It was evident that the project's development faced insurmountable obstacles, nearly impossible to overcome.
Therefore, he resolutely chose moderation, deciding to exit the project as early as possible.
It was similar to investing in stocks—one shouldn't be overly greedy, always trying to sell at the peak price. By the time Northern Dynasty Minerals' stock reached its peak, many corporations might already realize the underlying issues and refuse to take over the shares.
"No matter what decision you make, I support you fully!" Alice didn't push Li Tang despite her father's request and quickly shifted the conversation: "Also, Lianying Mining's mining project approvals suddenly came to a halt."
"Did something troublesome happen?" Li Tang hadn't visited South Australia in a long time and thus lagged behind on recent information.
"The environmental protection department of South Australia returned our application, requesting modifications."
"Then revise according to their requirements."
"But last time, they verbally assured us our environmental plans were fine. Their sudden change of mind seems abnormal."
"What do you think the reason might be?"
"It's unclear, but I can feel a shift in South Australia's attitude toward us."
"Could it be they're aware of our funding difficulties?"
"Perhaps."
"Tell them loud and clear—we'll soon have plenty of money!" Li Tang wasn't worried at all.
Hearing Li Tang speak so confidently always reassured Alice. She continued, "Also, Governor Zachary wants to meet you as soon as possible. He emphasized that it's crucial for the successful development of the Qiche iron mine."
"As soon as possible?" Li Tang sensed some urgency from Zachary.
"He said clearly that this meeting directly relates to whether Qiche mine can be developed successfully."
"That doesn't sound like a polite request—it's more like he's pressuring me," Li Tang chuckled, "Tell Zachary I'll be in Perth soon!"
…
After hanging up the phone, Li Tang visited Li Xinqi's home.
He had visited several times before, and the Li family had become accustomed to his presence, so they didn't make a fuss. Tonight, only their family of three and their housekeeper were present. Several simple homemade dishes lay on the table.
Li Xingchao brought out a bottle of white liquor. "Tonight, let's have a little drink."
Li Tang had driven here himself but didn't refuse, "Alright, but my alcohol tolerance is terrible. Just a little."
"Just this one bottle, alright?"
"One bottle..." Li Tang felt slightly anxious.
"Come, let me toast to you!" Li Xingchao raised his glass. "To your success!"
"Li Tang's career is already incredibly successful. Few people his age achieve this level!" Zhou Muyun spoke up for Li Tang.
"You probably don't know yet, but he's recently made another great achievement!" Li Xingchao continued holding his glass. "That's exactly why I'm toasting. I must congratulate him!"
"You're too kind," Li Tang held his glass humbly.
"What achievement now?" Zhou Muyun put down her chopsticks, looking curiously at Li Tang.
"He disappeared recently to the United States!" Li Xingchao started.
"We knew that already," Li Xinqi put down her chopsticks too.
"See!" Li Xingchao pointed at his daughter's curious face, "Even Xinqi doesn't know this! You two, what kind of relationship are you having without talking about such important matters?"
"What haven't you told me?" Li Xinqi looked at Li Tang curiously with her big round eyes.
"It was about my exploration work there; I didn't think to mention it," Li Tang smiled wryly.
"The Pebble Project has been confirmed as an incredibly valuable large deposit!" Li Xingchao quickly finished the liquor in his glass, exhaling deeply and enthusiastically explaining: "Li Tang invested in this project and personally led the exploration work, making significant discoveries! Because of this, Northern Dynasty Minerals' stock price has surged more than tenfold!"
"You invested in this project?" Zhou Muyun looked at Li Tang, astonished.
"Yes," Li Tang nodded.
"You're making money faster than a printing press could!" Zhou Muyun truly admired Li Tang's talent. "That's wonderful news!"
"Our entire domestic mining industry is closely watching this mineral right!" Li Xingchao wasn't exaggerating, "You're a leading authority in the mining and exploration industry—a legend!"
"I'm not worthy of that," Li Tang immediately protested modestly.
"These are not my words. It's the objective evaluation from national resource department officials!"
"Officials always praise people generously," Li Tang smiled humbly.
"You're truly amazing—eat more!" Li Xinqi, feeling proud and delighted, took the initiative to serve Li Tang some food.
"I'll toast you three more!" Li Xingchao raised his glass again.
After three shots, Li Tang's vision blurred slightly, feeling light-headed.
Li Xingchao, slightly drunk, started chatting more openly: "You're doing incredibly well professionally, but in other matters, you're rather slow!"
"What do you mean?" Li Tang immediately sat up straight, fully attentive.
"You!" Li Xingchao pointed to Li Tang, then turned to Li Xinqi, "I overheard when you entered the house that you're flying to Perth again tomorrow?"
"Yes, there's something urgent," Li Tang answered honestly.
"Xinqi has recently performed exceptionally well at work, and her company specially approved her half-month leave. Take her with you to Perth to relax."
"How do I suddenly have such a long vacation?" Li Xinqi asked, surprised.
Li Xingchao winked repeatedly at her, "Your department head personally requested it. I've already signed and approved!"
"Oh, alright then." Li Xinqi's cheeks instantly turned red.
"Go book the tickets quickly!" Li Xingchao urged.
Having drunk alcohol, Li Tang couldn't drive. Li Xinqi drove him home. After reaching his apartment building, he invited naturally, "Want to come upstairs?"
"Are you home alone?" Li Xinqi hesitated.
"Yes, just me."
She hesitated, blushing deeply, then eventually shook her head, "It's too late. I'll take your car and return it tomorrow, then we'll go to the airport."
"Alright," Li Tang leaned in and kissed her quickly, then waved goodbye and entered the building.
Driving away, Li Xinqi felt distracted, heart fluttering nervously, excited yet anxious about their upcoming trip to Perth.
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