Chapter 330: A Golden Phoenix About to Hatch
"You startled me!"
Li Tang glanced around nervously. Seeing no one else nearby, he relaxed slightly, although a distant table with a man and a woman laughing together reassured him that their conversation hadn't been overheard.
"Are you afraid of me?" Alice asked playfully, brushing back her wavy blonde hair, her eyes reflecting both amusement and mild reproach.
"It's not about fear," Li Tang grumbled defensively.
"Anyway, your girlfriend won't find out. It's not like it would affect your relationship," Alice replied casually, clearly indifferent to the fact that Li Tang had a girlfriend. "Isn't this sort of thing quite normal?"
"Enough!" Li Tang sternly gestured for her to lower her voice. "Even joking, you need to consider the place and occasion!"
He typically interacted casually with his employees, which sometimes encouraged overly familiar behavior. He suspected Alice deliberately intended to embarrass him.
"Boring," Alice sighed, picking up a fresh green leaf and sipping her coconut water.
"It seems I'm too lenient with all of you!" Li Tang grew somewhat irritated, noticing Alice's pouting expression. "I'm the one who should be annoyed—you're the one making inappropriate jokes!"
He glanced over at the bar counter nearby, noticing two waiters whispering and pointing toward their table. Apparently, someone had recognized Alice. After all, Lianying Mining had become an iconic company in Australia, its stock price skyrocketing dramatically in recent years and attracting intense media scrutiny. As the company's Chairwoman, Alice frequently appeared in public, making it easy to identify her.
Rumors had long circulated in Australia about Lianying Mining's mysterious owner. Some claimed Alice was merely a figurehead—a puppet controlled by the real boss behind the scenes.
"Recently, I've heard the Australian media has been getting crazier with their speculation," Li Tang mentioned casually. "They claim I have a secretive background, that I mastered kung fu and got rich by robbing banks. Others ridiculously say I'm like an ancient Chinese emperor with a harem of thousands of beauties, or even that I have two heads!"
Every time he visited Australia, he encountered increasingly absurd gossip about himself. He looked pointedly at Alice, softening his tone. "If the media overhears your careless jokes, they'll definitely take them seriously and make absurd stories out of them."
"Nothing has happened. What are you worried about?" Alice retorted teasingly.
"It's not worry," Li Tang replied, realizing the futility of arguing over something trivial. "Forget it, let's change the subject."
Alice, having made her point, quickly returned to business matters. "After Lumble Resources completed five drill holes, they discovered gold. I sent Kent and Tracy to verify the findings personally. According to our contract, we initially agreed to invest five million Australian dollars. We'd already given one million upfront. Due to the successful discovery, I've recently transferred the remaining four million to them."
"Good," Li Tang nodded approvingly. "That money was certainly well spent."
"Since the discovery, Carroll has expanded their exploration efforts significantly," Alice continued. "Frankly, five million Australian dollars doesn't go very far in Australia. Exploration costs here are far higher than in China."
"What about the subsequent drillings? Any further discoveries?" Li Tang asked eagerly.
"Apart from the initial five drill holes, three additional shallow holes were completed, with two showing promising gold intersections. Several deeper holes of around 300 meters are still underway," Alice summarized succinctly.
She continued, "Carroll has recently developed a new, comprehensive exploration plan requiring about thirty million Australian dollars. They're looking for additional funding."
"After discovery, expanded exploration to define reserves is standard practice," Li Tang responded without hesitation. "Do we have priority subscription rights?"
"We have a 30% preferential right," Alice explained, "but I'd prefer we subscribe to the entire thirty million dollars of new shares. Doing so would significantly increase our stake. Combined with our existing 21%, we could achieve majority control."
Li Tang laughed at her enthusiastic tone. "Previously, you strongly opposed my investment in this project. Now you're suddenly eager to expand?"
"Kent and Tracy visited the Fraser Range site," Alice explained earnestly. "They say the project's quality is extraordinarily high!"
Although Alice wasn't a technical expert herself, she trusted the judgment of her professional team. "Currently, gold prices are around 120 dollars per gram and still rising. Gold mining is reliably profitable, especially for easy-to-extract deposits."
"Then let's invest!" Li Tang immediately agreed. "If Carroll consents, we'll take the entire thirty-million-dollar placement."
Alice hesitated slightly. "Lumble Resources is 30% owned by us, while employees hold the remaining 70%. I've spoken to Carroll, and he's hesitant about us gaining majority control. Apart from our guaranteed rights, he's reluctant to offer us the additional shares."
Alice studied Li Tang closely. Resolving this delicate negotiation was the real reason she'd asked Li Tang to come personally to Perth—not merely to tease him about sleeping together. Anything else would constitute inappropriate temptation rather than legitimate business.
"Carroll deeply appreciates your initial trust and the original five million-dollar investment. If you personally negotiate with him, he might agree to let us invest more and increase our ownership stake," Alice explained gently.
"Alright, I'll discuss it with him," Li Tang replied calmly, not particularly anxious. The investment in Lumble Resources had originally been a minor venture without high expectations. Now, however, confirmed discoveries justified further investment and greater potential profits.
A few days earlier, Carroll publicly announced through the media that Lumble Resources had discovered significant gold mineralization near the Tropicana exploration area in Fraser Range. Drill data indicated enormous exploration potential for a large-scale gold deposit, immediately stirring excitement across Australia's mining sector.
Carroll's high-profile announcement wasn't simply grandstanding—it was strategic. His company urgently needed additional funds for further exploration activities. Three days after the news broke, he organized an investment conference in Perth. This meeting was unique—Lumble Resources and Carroll himself would be the stars.
Not only did many Australian gold companies attend, but representatives from global giants BHP and Rio Tinto also appeared.
"Our first drill hole was positioned about eight kilometers east of Tropicana. We drilled less than one hundred meters," Carroll announced confidently to a packed audience. Many faces were familiar—industry peers and corporate executives he'd once approached desperately for small investments. Just last year, at the height of his financial struggle, he'd gone door-to-door among these peers begging for merely a million-dollar investment—enough to drill five shallow test holes to confirm surface indications of gold mineralization. Without exception, they had all refused.
At one point, Carroll considered mortgaging his house and selling his car to fund at least three holes—even just one if necessary—to confirm the presence of gold underground. The preliminary surface geochemical analysis showed clear signs of gold-bearing elements. He couldn't simply abandon his dream.
When he attended the Exploration and Mining Conference last year, he'd nearly lost hope, deciding to pitch one final time. Unexpectedly, a young Chinese investor stepped forward, agreeing to invest five million dollars. Though payments were phased, this solved Carroll's urgent financial problem. Had he mortgaged the family home or sold their car, his marriage would have been severely strained—perhaps even broken.
At this moment, standing before the same skeptical faces, Carroll's heart swelled with pride and happiness. Fighting back tears, he adjusted the microphone and continued, "Our first drill hole reached just eighty meters. At forty-two meters, we discovered gold!"
Warm applause echoed throughout the hall. The audience recognized Carroll's deep emotion, honoring his determination and perseverance.
"Thank you," Carroll beamed joyfully. "The gold-bearing layer measures 25 meters thick, grading an average of 2.5 grams per ton. Within it, there's a 10-meter high-grade section averaging 11 grams per ton, with peak grades reaching an extraordinary 40 grams per ton!"
Thunderous applause erupted again—not merely for Carroll but in admiration of the impressive gold discovery itself. Such shallow, high-grade deposits with thick intervals were extraordinarily rare globally. If further exploration confirmed substantial reserves, this would be a remarkably valuable deposit.
Carroll patiently waited for applause to fade before continuing confidently, "Following the ancient river channel, we drilled a total of eight holes, five of which intersected significant gold mineralization. Each intersection mirrored our outstanding first result."
He gestured toward the projected map behind him. "Thirteen kilometers downstream from our initial hole, we again intersected substantial mineralization. The continuity and scale are extremely promising!"
His powerful voice resonated deeply, conveying the enormous potential of a gold-bearing zone extending over ten kilometers—suggesting truly enormous reserves.
"Many thousands of years ago, an ancient river flowed from Tropicana, eroding gold-bearing strata and depositing gold-rich sediments downstream. As the river dried, sediments formed new, consolidated layers—transforming alluvial deposits into today's large-scale sedimentary gold formations," Carroll explained authoritatively.
Previously, Carroll had repeated this geological hypothesis countless times while seeking funding, but no one believed him enough to invest. Now, confronted by undeniable evidence, skeptics finally acknowledged Carroll's remarkable geological insight.
"We'll intensify exploration along the entire ancient river course, fully defining the total gold resources," Carroll confidently announced, now free of the desperate uncertainty that had characterized his earlier pitches. "We believe this discovery marks one of the greatest finds in recent gold-mining history, potentially containing reserves exceeding 200 tons of high-grade gold!"
Before applause could erupt again, he quickly continued, "However, extensive exploration requires significant funds. We've gathered here today to share the excitement of our discovery—and invite you, our esteemed colleagues and potential investors, to join us in this remarkable journey!"
He paused momentarily, scanning the crowd slowly before continuing, "Our company is seeking funding of thirty million Australian dollars. Individuals or companies interested in investing are warmly welcomed!"
The audience erupted into applause once again.
Who wouldn't want a stake in this project? Many large gold-mining corporations wished they could simply acquire Lumble Resources outright! It was clear to everyone present that this was an exceptionally promising company—like an egg about to hatch into a golden phoenix!
Animated discussions broke out among attendees.
BHP had dispatched Miles from their exploration center, while Rio Tinto had sent their Exploration Director, Viduka. Both sat prominently in the front row, having noticed early on that Li Tang and Alice were also seated not far away.
After Carroll concluded his presentation and detailed the funding proposal, today's meeting officially ended.
Any further negotiations on investment terms would have to take place privately between interested parties and Carroll himself. Such discussions couldn't realistically be held amidst the noisy chaos of a crowded meeting hall.
Freed from the confines of their chairs, some attendees eagerly discussed Carroll's announcement among themselves, others quickly dialed their company CEOs, and still others hurried directly toward Carroll, seeking further details about the gold deposit.
"Miles, are you interested in this thirty-million-dollar investment?" Viduka asked casually, observing Miles, who sat comfortably with legs crossed, the upper leg bouncing impatiently. "BHP recently announced plans to acquire WMC Resources—a deal worth seven or eight billion U.S. dollars. Surely you're feeling some financial strain and might not wish to be distracted by another investment now?"
"Thirty million Australian dollars?" Miles chuckled dismissively. "Our CEO has already stated that if the project proves worthwhile, the company has set aside one hundred million Australian dollars specifically for acquiring Lumble Resources outright!"
Carroll's stated financing plan—thirty million dollars for 30% equity—implied a total valuation for Lumble Resources of approximately one hundred million Australian dollars. Given the current promising exploration results, such a valuation was entirely justified!
If they truly discovered a high-grade gold deposit of about two hundred tonnes—especially at such shallow depths—it would be extremely profitable and easy to mine, an opportunity irresistible to any mining giant.
Despite BHP's stature as the world's largest mining conglomerate, it was effectively a collection of numerous subsidiaries, each pursuing premium mineral deposits. Any high-quality mineral asset—especially one involving gold, always symbolizing wealth—was an attractive target.
"But even if the deposit ultimately proves to contain two hundred tonnes of gold, at today's gold prices, its economic value would only amount to roughly five billion Australian dollars," Viduka noted casually. "Perhaps BHP wouldn't be particularly interested in a deposit of this size?"
Miles retorted sarcastically, "Is Rio Tinto now so grandiose that five billion Australian dollars doesn't catch your interest?"
"I was merely concerned about your financial burdens," Viduka replied diplomatically, masking his real intention to gauge BHP's interest level. Honestly speaking, this particular gold deposit, while promising, wasn't large enough to trigger an aggressive battle between industry giants like BHP and Rio Tinto.
Seeing Miles was still comfortably settled, Viduka decided not to prolong their conversation. He stood up, intending to speak directly with Carroll, but quickly saw the man had already become surrounded by eager investors. Recognizing this was no time for meaningful private discussion, he pivoted instead toward Li Tang's direction.
Finding an empty seat nearby, Viduka confidently sat down next to Li Tang, offering a polite greeting to Alice beside him, "Good afternoon, beautiful Chairwoman."
Alice acknowledged him with a slight nod but didn't speak.
Li Tang, meanwhile, observed Viduka calmly, faintly amused. Their first encounter had occurred back in Ulaanbaatar, Mongolia, at the Mineral and Petroleum Resources Authority. Viduka was the one who had once tried sabotaging his company, Southwild Resources, during exploration licensing processes.
Today could be called a reunion of adversaries, yet the business world dictated maintaining composure. Personal grudges mattered little in professional interactions, so neither acted overtly hostile.
"Mr. Viduka, you look well. Did your wife recently have a baby?" Li Tang casually teased.
"No, she hasn't," Viduka replied curtly, ignoring the jest and jumping straight to business. "Does Lianying Mining also have plans to invest in gold-mining projects?"
"Lianying Mining hardly has enough cash flow to invest elsewhere," Li Tang shook his head, denying any such intention.
"That's understandable," Viduka nodded, knowingly. "Your port and railway projects haven't even broken ground yet. Your iron ore development plans must be consuming cash like a bottomless pit. Frankly speaking, it seems unrealistic to simultaneously fund your iron ore, railway, and port projects. There's still a massive funding gap, and unforeseen complications may arise. If I were running Lianying Mining, I certainly wouldn't risk investing in infrastructure."
"Precisely why we deeply appreciate Rio Tinto's selfless generosity in signing the iron ore transportation agreement with us," Li Tang responded sarcastically. "We hope for your continued support in the future."
Mentioning that transportation agreement suddenly made Viduka feel slightly nauseous. Signing that deal had unintentionally boosted Lianying Mining's perceived chances of successful mine development, causing immense criticism directed at Rio Tinto from shareholders, BHP, other competitors, and patriotic Australians alike. Almost everyone accused Rio Tinto of nurturing a dangerous competitor.
Unwilling to dwell further on the topic, Viduka quickly shifted gears, "Since Lianying Mining has no intention of investing in Lumble Resources, are you here just for amusement?"
"Something like that," Li Tang shrugged nonchalantly.
Before they could continue, Carroll approached Li Tang's seat. "Li, you're here! Let's talk privately in the lounge behind the hall."
Carroll treated Li Tang—a critical early investor and significant shareholder—with the utmost respect. Despite numerous prominent business executives and representatives from major companies like BHP and Rio Tinto present today, Carroll chose Li Tang first for private discussion regarding future funding.
As Carroll led Li Tang toward the exit, Viduka felt a sudden twinge of jealousy—was Li Tang, a young Chinese entrepreneur, genuinely more influential than he was? How was it fair that this young Chinese received priority negotiation rights?
"Hey, Carroll! On behalf of Rio Tinto, I'd like to discuss investment terms," Viduka called loudly, attempting to intervene.
"I'll talk to you later after finishing with Mr. Li," Carroll politely replied over his shoulder, continuing forward without hesitation.
Entering the private lounge, Carroll shut the door and turned toward Li Tang gratefully. "Mr. Li, you're my savior. Without your initial investment, we couldn't have proceeded so smoothly, nor discovered gold so swiftly."
"Excellent work," Li Tang replied approvingly, feeling like a true angel investor who had delivered salvation at a critical moment.
"You're experienced enough to understand that after discovering gold, substantial further exploration requires significant funds," Carroll continued carefully. "Thus, the new financing round."
He glanced briefly toward Alice. "The funding proposal was discussed earlier with this lady, and she approved."
Li Tang immediately questioned directly, "But I understand that aside from our 30% preferential rights, you don't intend to allocate any additional shares to us?"
His tone carried an authoritative undertone.
Carroll evasively responded, "We adhere strictly to principles of fair and transparent fundraising."
The implication was clear—Carroll worried Li Tang might eventually gain majority control, potentially removing him and the other original partners from management. Such hostile takeovers were common enough to justify caution.
"Even without us increasing our stake, after this funding round, you'll still only hold 49%, losing majority control regardless," Li Tang pointed out calmly. "We're already trusted partners. Don't you trust us?"
"No, no—I trust you entirely, Mr. Li," Carroll insisted, somewhat nervously. He vividly remembered Li Tang's earlier generosity, confidently offering up to thirty million dollars without hesitation.
"If you trust me, let's sit down and discuss properly," Li Tang proposed directly. "We'll subscribe to the entire thirty million Australian dollars."
"This…" Carroll hesitated visibly.
"You'll retain absolute operational control and full veto power," Li Tang quickly clarified. "My only goal is to profit from dividends. The real boss and the decision-maker of the company will always remain you."
"I believe your sincerity," Carroll admitted softly.
Li Tang pointed to Lianying Mining as an example. "Despite having controlling ownership, I entrusted all managerial power to Fred and his team. My business philosophy has always revolved around absolute trust in partners. In every investment, I've never sought direct managerial involvement."
"I trust you, Mr. Li," Carroll insisted again, conflicted. "But we've already invited numerous companies to this conference. It might seem disrespectful to suddenly announce no further external funding."
"What's disrespectful about that?" Li Tang laughed. "If you're worried about offending people, I'll gladly announce it myself."
"No, please don't trouble yourself," Carroll quickly responded, visibly uncomfortable. "Bringing in diverse investors creates a healthier shareholder structure and helps the company develop further."
"You're still suspicious of me," Li Tang sighed.
"No, not at all," Carroll emphasized sincerely. "Everything I'm doing is solely for the company's best interests."
Seeing Carroll's genuine conflict and persistence, Li Tang relented slightly. "Alright, then. Instead of thirty million, we'll take half—fifteen million Australian dollars. Is that acceptable?"
Carroll hesitated briefly before finally agreeing. "Alright."
Li Tang smiled contentedly. "Excellent. Alice will handle transferring fifteen million dollars soon. Go inform the others. I'll stay here and relax."
"Thank you," Carroll nodded respectfully, leaving to announce the revised funding terms to the waiting investors outside.
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