Chapter 273: The Only Goal is Control
"I'm particularly interested in copper-gold projects, especially porphyry-type deposits along the Pacific Rim," Li Tang began. His words weren't intended as mere self-praise, but he indeed had significant accomplishments in this area. "Everyone knows we discovered the Talego copper-gold mine, a giant porphyry copper-gold deposit."
This arrogant guy is intentionally showing off!
Cristos thought this young man was exceedingly arrogant, speaking recklessly. Although annoyed by this behavior, he reluctantly held his tongue, forced to admit that this young man had indeed achieved remarkable success in mineral exploration.
Seeing that Cristos continued to drive silently, Li Tang assumed he hadn't fully understood, so he elaborated: "Talego copper-gold mine contains over 30 million tons of copper, 1,300 tons of gold, 7,500 tons of silver, and additional metals like molybdenum and lead—"
"You don't need to emphasize your achievements," Cristos interrupted, still finding it hard to like Li Tang. "I'm fully aware of Talego copper-gold mine and even visited the site myself."
"I suppose that's true. When we first met in Yanjing, you mentioned Freeport Copper & Gold was interested in acquiring Talego's mining rights," Li Tang smiled. "I'm sure you've done thorough research."
Cristos gave a dismissive grunt.
He thought that if this young man ever became his daughter's boyfriend or husband, he'd have to endure lifelong irritation. Fortunately, his daughter only had a professional relationship with him, with no personal feelings involved. But this supposed relief was oddly mixed with frustration, disappointment, even sadness.
How could his daughter willingly follow this young Chinese man without even genuine feelings?
Glancing in the rearview mirror, Cristos saw Alice staring at Li Tang with admiration and warmth.
Oh, damn it!
This was incredibly demoralizing!
It was clear that his daughter had a one-sided crush!
Suddenly, the car roared, surging forward aggressively. Everyone inside was pressed back against their seats.
"You scared me!" Alice exclaimed, startled by her usually calm father's sudden, reckless acceleration.
"The road's nice here. Just testing the car's acceleration," Cristos quickly realized his aggressive driving didn't suit him and soon eased off, pushing his thick glasses up his nose. He looked at the two passengers again through the mirror. Why was this young Chinese man so annoying to look at? How could he deserve Alice's admiration?
"Young man," Cristos spoke harshly.
"Yes, Mr. Cristos, I'm listening," Li Tang responded politely.
"Is this your first encounter with the Pebble Project?" Cristos asked.
"Yes, I only just saw these documents today," Li Tang responded, accurately reflecting the current situation, although deep inside he knew far more about the Pebble Project than he let on.
"Did you notice something significant in the documents?" Cristos suspected Li Tang's reaction wasn't random.
"Honestly, yes, I did notice something." Li Tang reopened the documents. "Since 1988, the Pebble Project has shown surface mineralization, and after years of exploration, they already have some results. According to these documents, they've identified copper reserves exceeding one million tons at grades over 0.3%. By our standards in China, this already qualifies as a large deposit."
"But the Pebble Project is located in Alaska, a remote, sparsely populated region with harsh weather. Your company has already begun mine production; you know areas like this are challenging. Without existing infrastructure, everything must be built from scratch, making costs excessively high."
"You're right. But if the returns are big enough, any high investment is worth the risk," Li Tang countered.
"A million tons of copper at only 0.3% grade isn't exactly impressive," Cristos said skeptically.
"But the exploration potential there is huge," Li Tang pointed to projections in the document. "Northern Dynasty clearly sees significant potential. The documents suggest the mineralization has excellent continuity, indicating previous exploration was insufficient."
"All surface showings suggest great potential below, but large deposits aren't always found. Success is the exception, not the rule."
"I still believe this project is worth the risk," Li Tang stated firmly.
They arrived home, and as the car stopped, Cristos turned around, staring at Li Tang. "You're too easily distracted. You came here to raise two billion Australian dollars for mine development, but now you suddenly want to invest in exploration in Alaska."
"Exploration is my real strength!" Li Tang met Cristos' gaze confidently. "Everyone knows it's nearly impossible to quickly raise two billion AUD. If nothing changes, I'll soon return to China empty-handed."
"So you've changed your mind?" Cristos struggled to follow Li Tang's logic.
"Not exactly. Iron ore mining will remain our company's core project and that won't change. But we must consider reality. We need time and the right opportunity."
"What opportunity?"
"A major surge in iron ore prices."
"Hah, you're really quite strange," Cristos unfastened his seatbelt and stepped out, gesturing toward Alice. "Come home."
Did he mean enter the house or quit her job and return to America?
Alice looked puzzled. "Dad, why have you become so moody?"
"I'm fine. Don't worry," Cristos shot a quick glance at Li Tang, turned away without inviting him in, and entered the house.
"He used to be very gentle. Maybe work's stressful lately, so he's in a bad mood. Don't mind his attitude," Alice reassured Li Tang. "Are you really giving up on the two billion AUD funding?"
"I haven't given up. It just can't be rushed."
"What about Pebble? Are you serious, or just thinking aloud?"
"I genuinely want to try acquiring it."
"Really?"
"Absolutely."
"Alright then." Alice hesitated, not objecting, although she thought Li Tang's decision seemed impulsive. Perhaps that was just his style—flashes of inspiration followed by bold action. "Come on. We'll need my father's help. Let's convince him."
"Maybe another time?" Li Tang hesitated about entering Alice's home. "Your father seems unhappy today. It may not be a good time."
"He always wears his emotions openly, but trust me, he's very kind," Alice grabbed Li Tang's arm and pulled him inside.
The house was large but clearly older, at least twenty years old. Li Tang sat stiffly on the sofa, then moved to the garden to ease his awkwardness, admiring the lush greenery.
In the evening, Alice called him in for dinner. Cristos had prepared roast meat, sausages, bread, various jams, and even expensive caviar. He began eating without acknowledging Li Tang, treating him like air.
Alice found it strange. Usually, her father warmly greeted guests. She served Li Tang food, smiling warmly. "Joanna told me she really admires you. She'd love to join our company someday."
"Does she know me?" Li Tang struggled with his knife and fork.
"I've told her your story. She sees you as a superhero and wants to become company president."
"Is she working or studying?"
"She just started university."
"When she graduates, she's welcome anytime. With a sister as excellent as you, I'm sure she'll be highly capable."
"Joanna will be thrilled."
"I won't allow Joanna to work in China," Cristos finally spoke. "You going there is worrying enough. If Joanna leaves too, my life is over."
"Yanjing is safer than you think. I've told you many times," Alice countered.
"Safe or not, Joanna can't go. You're setting a bad example."
"Media distorts things. Yanjing is changing dramatically. I'm witnessing miracles there!"
"I trust my eyes and my heart—not media," Cristos refused to yield. "You've made a mistake. Joanna can't follow your example!"
"What mistake?" Alice dropped her cutlery, glaring defiantly.
The argument intensified quickly.
"Your environment can't offer a superior life. There's no real future there. The ceiling is too low."
"Do you know I'm Chairman and CEO of a public company?" Alice retorted. "I'm sure you know that."
"Just a tiny company," Cristos scoffed. Freeport Copper & Gold, his employer, dwarfed Lianying Mining.
"All big companies started small!" Alice snapped. "You're upset because I've grown beyond your control! After years of work, you're just a department director, while I'm already chairman. You resent that, feeling your dignity threatened!"
"I'm only a director, but my responsibilities far outweigh yours!" Cristos shot back.
"You're discriminating against us!" Alice accused angrily.
"Yes, I am!" Cristos admitted openly.
Father and daughter stared angrily at each other, then fell into silence.
Li Tang, stuck awkwardly between them, quietly finished eating.
"My father's roast meat is always delicious!" Alice served Li Tang again, breaking the silence. "Sorry our argument spoiled your appetite. Don't worry—we argue often, it's nothing serious."
Cristos relaxed slightly at Alice's compliment but eyed Li Tang warily.
"You said you want the Pebble Project. How exactly?" Cristos asked suddenly.
Li Tang replied seriously, "Ideally, I'd buy the exploration rights outright."
Cristos analyzed carefully, "Northern Dynasty just acquired it last year from Teck Resources. They won't easily let it go."
"But they're short on cash," Li Tang argued confidently. "Even if I can't get 100%, I want controlling interest."
"Northern Dynasty is publicly listed in Toronto, valued around twenty million dollars. If you have enough money, it's possible."
"I do," Li Tang replied firmly.
Cristos was taken aback. Prepared to dissuade Li Tang, he hadn't expected such financial strength. Twenty million dollars wasn't a trivial amount.
"Alright. It seems I underestimated you," Cristos admitted reluctantly.
"I told you our company is strong with great potential!" Alice proudly added.
Cristos ignored her, focusing instead on Li Tang. "But considering your recent heavy investments globally, do you still have sufficient funds?"
"Yes," Li Tang confirmed decisively.
"Now you've shifted your attention to investing in exploration projects in the US again," Cristos shook his head. "We all work in this industry, and as you know, exploration projects are essentially gambling. If you find minerals, everyone makes a fortune. If you don't, all your investment is buried underground. People can't be lucky forever."
Li Tang understood Cristos's implication clearly.
The exploration industry indeed involved a gambling element. Especially in Canada and the United States, thousands of exploration companies flooded the capital market, desperately competing for funds to pursue exploration projects. If they found significant mineral deposits, they'd sell the rights to major corporations and earn substantial profits. If not, the losses would be shared by investors.
However, Li Tang was different from the rest.
Other companies needed funds to investigate whether substantial deposits lay beneath the surface based on initial signs. Li Tang, on the other hand, already knew precisely what lay underground: enormous mineral deposits waiting to be discovered. For him, this wasn't gambling; it was a certainty!
"I believe technical expertise plays the dominant role in exploration projects," Li Tang confidently asserted.
"You've done many projects, but have these exploration projects continuously generated revenue for you?" Cristos questioned.
"We haven't started extraction yet, so naturally we haven't earned revenue," Li Tang admitted. "Our company hasn't had any revenue so far."
"Then, where do your exploration funds come from?"
"Loans," Li Tang answered truthfully.
"This kind of cyclical operation method only works if you succeed every single time. Just one failure can trigger a domino effect, causing a chain reaction. Eventually, you'll face liquidity problems," Cristos stated. He always believed Li Tang's company lacked prospects precisely because of these reasons—no revenue, no solid foundation, continuous heavy investments, and extreme vulnerability to setbacks.
"Your projects are expanding too fast. One mistake could drag you into a deep pit," Cristos warned.
"Then we just have to keep succeeding," Li Tang declared confidently.
"Are you absolutely sure about pursuing the Pebble Project?" Cristos asked one final time.
"Definitely. I'm a man of my word," Li Tang firmly nodded.
Cristos deeply stared at Li Tang. Despite his intense dislike of this young Chinese man, he had no choice but to help him.
"Northern Dynasty's representatives are probably still in Phoenix, trying to persuade Freeport Copper & Gold or Douglas Company to invest in their exploration project. I'll attempt to contact them and see if I can quickly arrange a meeting for you," Cristos offered.
"Thank you so much!" Li Tang immediately stood up, extending his hand gratefully.
Cristos deliberately ignored Li Tang's outstretched hand, seemingly oblivious as he continued eating his meal.
"I'm assisting you because of Alice. It doesn't mean I agree with your decision. Frankly, I doubt your judgment and management abilities," Cristos remarked bluntly.
"No matter what, I'm genuinely grateful for your help," Li Tang replied politely, retracting his hand and continuing to eat quietly.
Dinner concluded uneasily but somewhat satisfactorily.
After dinner, Alice drove Li Tang back to his hotel, apologizing along the way, "I initially wanted you and my father to get to know each other better during dinner. Given your shared professional backgrounds in mining, I hoped you'd become friends. Clearly, I messed it up."
"You did well," Li Tang reassured her. He sensed clearly an underlying tension between himself and Cristos but couldn't pinpoint the exact issue. Maybe their misunderstanding during their first meeting had left a lasting bad impression. He shrugged it off lightly.
Early the next morning, Alice picked him up again, accompanied this time by Catherine and Emily, who finally realized their primary financing goal was hopeless. They wondered curiously about the plan for today.
Soon afterward, they met Northern Dynasty's representatives.
When Northern Dynasty's President and CEO, Collier, saw Li Tang and his group, he appeared somewhat confused. Nevertheless, considering the invitation came from Cristos, Freeport Copper & Gold's Project Development Director, Collier politely greeted them.
"We want to cooperate with your company," Li Tang got straight to the point.
Collier cast a questioning glance at Cristos, "Mr. Cristos, is he a senior executive at Freeport?"
Looking around the unfamiliar faces, apart from Cristos, Collier didn't recognize anyone else. He knew most senior executives at Freeport; this new, young Asian man puzzled him.
"No, he isn't from Freeport. Today's meeting has nothing to do with our company," Cristos clarified immediately. Pointing to Li Tang, he continued, "He's the boss and CEO of China's Li Tang Prosperity Holdings. They're the ones interested in cooperating with you."
"A Chinese company?" Collier shook his head, his earlier enthusiasm quickly fading.
"I heard your company is seeking investment?" Li Tang persisted.
"Yes, but we're not interested in Chinese companies investing," Collier replied bluntly.
Investment partnerships required mutual willingness. Northern Dynasty approached Freeport and Douglas because of their strong market reputation, credibility, and vast resources. Collaborating with such firms would boost their corporate image and shareholders' confidence significantly.
But a Chinese company? Collier imagined primitive tribesmen wearing grass skirts and hunting with handmade bows and arrows—an image far removed from his ideal business partners.
"Not interested?" Li Tang hadn't anticipated such a direct rejection, feeling slightly offended.
"How much are you trying to raise this time?" Li Tang persisted patiently.
"Thirty million dollars," Collier answered, quickly clarifying, "We actually have sufficient cash reserves. Our exploration is ongoing. This financing round is mainly to strengthen our exploration efforts and attract a genuinely powerful partner."
"Our company is no weaker than any other," Li Tang firmly insisted.
"They discovered the Talego copper-gold mine," Cristos added helpfully.
Collier was stunned. "The Talego copper-gold mine in Mongolia?"
This largest undeveloped copper-gold mine had once captivated global media attention. Collier envied such a discovery but never expected this young Asian man to have been behind it. He suddenly felt he'd underestimated Li Tang.
"That's correct," Li Tang confirmed. "We have extensive experience in porphyry copper-gold exploration. Talego's discovery confirms our capability."
"So?" Collier remained cautious.
"Our involvement in the Pebble Project will significantly boost your financing and technical capabilities," Li Tang confidently declared.
"You're welcome to join our exploration team," Collier replied diplomatically, sounding open to cooperation, but clarified quickly, "But we'd only engage your firm as technical consultants and pay appropriate fees."
"No, I want to invest," Li Tang clarified. His aim was control over Northern Dynasty.
"How much?" Collier inquired carefully.
"Thirty million dollars," Li Tang offered boldly, intending to cover Northern Dynasty's entire financing round.
Collier was astonished. He hadn't expected such wealth from a Chinese company. Yet, instead of delight, he sensed danger.
"If you invest this much, will you place members on our board and interfere with management decisions?"
"Of course," Li Tang confirmed. Gaining company control was precisely his goal. Only then could he decisively expedite the Pebble Project.
"I won't accept this type of investment," Collier resolutely refused. Northern Dynasty was founded specifically to find a large mineral deposit through careful exploration; Collier had no intention of stepping aside so early.
"We bring capital, technology, and proven experience. All you'd have to do is benefit. What's wrong with that?" Li Tang pressed bluntly.
"Of all companies we've negotiated with, none have ever tried to kick me out directly like this," Collier perceived Li Tang's intentions as openly hostile.
Already skeptical of this Chinese firm, Collier lost all interest. He stood abruptly, "We will never cooperate with a Chinese company unless you accept our terms! Having money doesn't mean you can—"
Leaving harsh words behind, Collier stormed out without a backward glance.
Cristos wasn't sure if he should be amused or exasperated. But seeing Alice's disappointment, he restrained his reaction, turning instead to scold Li Tang mercilessly, "You shouldn't have been so blunt about your goals and ambition! Your negotiation skills are appalling! Even a dog could have negotiated better than you!"
"Dogs are man's best friend!" Li Tang bristled at the insult.
"You're right—that was unfair to dogs," Cristos added mockingly.
"As winter approaches, dog meat soup becomes nourishing," Li Tang retorted sarcastically.
"You really are impossible," Cristos shook his head, quickly pulling Alice toward the exit, eager to distance himself from this arrogant young man. How this kid had succeeded repeatedly was beyond Cristos's understanding.
When Cristos left, Alice, Catherine, and Emily awaited Li Tang's next instructions.
"Immediately investigate Northern Dynasty's shareholding structure thoroughly," Li Tang instructed firmly. Soon, detailed ownership information arrived.
Collier held approximately 35% ownership as founder and CEO. Climber Fund, an American investment firm, held another significant 20% stake. The remaining 45% was scattered among small investors.
Clearly, gaining control required winning over Climber Fund. If Collier and Climber Fund stood together, their combined 55% ownership made control impossible. However, if Climber Fund could be convinced to sell its 20% stake, Li Tang still had a chance to turn things around.
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