Mining And Construction Tycoon [EN]: Chapter 27

Mining Mogul and Construction Tycoon – Episode 27

27. Molybdenum Price Surge (3)

Wednesday, December 27, 1972.

Four months had passed since the United States declared a halt to molybdenum extraction.

In that time, the sweltering heat of August had turned into the bitter cold of December.

The news was noisy every day.

Not because of molybdenum, but because of the inauguration ceremony.

Static, static-.

-According to the Unified Subject National Conference delegate election held on the 15th at the Jangchung Gymnasium in Seoul, Park Jeong-hwan has been elected as the 8th President.

-Today, with the enactment of the Yushin Constitution [a series of laws that centralized power in President Park Chung-hee’s hands], Park Jeong-hwan was inaugurated as the 8th President.

-North Korea has enacted a socialist constitution specifying the presidency, with Choi Yong-gun stepping down as head of state and Kim Il-sung taking office as his successor.

Holluck turned off the radio.

“There’s no news about the molybdenum price surge. All the media is talking about the new president. It’s chaos here.”

There were more important things than who was elected as the new president.

Ring.

“Oh, how did I end up with this job?”

Because he was a nice guy, with a good personality, and even good at talking, he was chosen to be in charge of the phone.

Ring.

“This is Taeyang Mine.”

-I want to buy molybdenum.

“Which company are you calling from?”

-Cheongil Chemical.

Unlike ordinary mine owners, Taesu was selling molybdenum based on unique criteria.

So-called, picking and choosing companies!

Holluck was worried and asked Taesu, who replied, ‘It’s the seller’s choice!’

“I’m sorry. We’re all sold out of molybdenum.”

-It’s been several days now…

“He, hello? I can’t hear you. Hello?”

-Now you’re even pretending you can’t hear! Please sell me some molybdenum!

Click.

Holluck hung up the phone firmly.

Ring.

“This is Taeyang Mine.”

-This is Geumsan Chemical.

Geumsan Chemical, huh.

Holluck ran his finger down the paper ledger.

‘Name not on the ledger. Pass. Available for sale.’

-I want to buy molybdenum. Is it possible?

“Of course.”

-Th, that’s a relief. There’s a huge fuss these days because we can’t get molybdenum. The supply from the US has suddenly stopped, and the factory is about to shut down.

Thanks to the US suddenly declaring a halt to extraction, the supply of molybdenum had been cut off.

*How did they know that molybdenum was coming out of Taesu’s mine and call?*

The phone is ringing so much that I’m worried it’ll catch fire.

-What’s the market price for molybdenum these days?

“The market price changes every hour, so I can’t give you an exact answer because I don’t know when you’ll be buying. The price two hours ago was $70 per kg.”

-Gasp! I’ll leave right away.

The price of molybdenum, which had been around $5.8 per kg just three months ago, had skyrocketed to $70 per kg.

Holluck asked the accountant, who was just putting down the phone.

“How much is our monthly sales?”

“It’s well over 100 million this month. Almost 200 million.”

“Guaaah! That much? Our Taesu is really making a fortune?”

“There’s also the cost of the miners’ wages, bringing in new machinery, gas, and taxes. There are a lot of places to spend money.”

“After deducting all that, how much is the monthly net profit?”

“About 50 million? 60 million?”

“Guaaaah! Crazy!”

The price of goods in the 70s was about 1/30th of what it is in 2020.

That meant Taesu was making a net profit of over 1.5 billion won a month [approximately $1.3 million USD, adjusted for inflation].

At that moment, the door burst open and Hansu came in.

“Yongsik hyung [older brother/friend], today’s sales are closed.”

“Okay!”

Ring.

“Everyone’s making such a fuss asking us to sell, but no matter how hard we mine, production can’t keep up with demand. It’s a shame to miss out on all that money.”

Even though experienced vein exploration experts were finding molybdenum veins as soon as they dug.

Even though skilled miners were rushing in like clouds at the sound of making money and were mining a huge amount of molybdenum.

Even though a competent general manager, who had been running the mine for over 20 years, was working to the point of exhaustion.

Ring.

The phone hasn’t stopped ringing for four months already.

It’s even getting worse over time.

The higher the price of molybdenum.

The more the molybdenum stock that was bought in advance runs out.

The more speculators and hoarders are rampant.

The more the rumor that molybdenum is coming out of Taesu’s mine spreads far and wide.

“This is Taeyang Mine.”

He hears English over the phone.

“It’s another international call. Damn English! I should have studied English harder if I knew this would happen!”

Inevitably, Holluck read out the Korean he had written down in advance.

“Sorry, today sold out! Please, tomorrow call again!”

He hangs up without even hearing a reply.

Ring.

Again!

Ring.

Again!

United States, China, Japan, Germany, England, France, etc.

He can only guess where they’re from based on the different accents.

Ring.

“Guaaaah!”

Ring.

Holluck jumped up.

“That’s it! I can’t take it anymore!”

It was then.

Bang.

“Holluck, let’s go home.”

“Taesu!”

Holluck’s face lit up at the welcome sound.

“We’ve decided to have a small year-end party just us. My mother has prepared a feast. Let’s go eat and drink to our hearts’ content.”

“Kiyaaaho!”

Holluck cheered.

The accountant next to him also smiled brightly.

* * *

Laughter never ceased throughout dinner.

In particular, Taesu’s father was grinning from ear to ear, laughing heartily.

“Our Taesu gave me this, you know. Hehehe.”

Tada.

It was a money cushion made of real bundles of money.

Taesu’s father was tipsy from exchanging drinks with Holluck, and he plopped down on the money cushion again today.

“Ke-, I never thought the day would come when Kang Cheol-soo would actually sit on a money cushion in his life. I have no regrets even if I die now. Hehehe!”

Taesu’s mother smiled and was embarrassed.

“Please understand. He likes it so much because his son gave it to him, it’s so worn out it’s shiny.”

Taesu slipped something to his mother.

Even though she couldn’t read, her eyes sparkled when she received it.

“Oh my, Taesu, what is all this? It looks precious.”

“I bought a commercial building under your name.”

“A commercial building?”

“Yes, I promised before. I said I’d give you a commercial building in a good location under your name.”

It was a commercial building title deed with Kim Young-hee’s name engraved on it.

“The mine is busy right now, so it’s not easy, but soon I’ll build an apartment in Gangnam [a wealthy district in Seoul] and build a commercial building in front of it.”

“Taesu, you kept those words in your heart.”

His mother’s eyes welled up with tears.

“It’s okay. There’s no need to do that. Don’t worry about the apartment or the commercial building. A man can’t do great things if he worries about small things.”

“Don’t worry. My family is the source of my strength and the root of my happiness. I’m happy when my mother is happy.”

“Taesu.”

His mother nodded repeatedly, deeply moved.

“Thank you, thank you so much for saying that. Thank you so much for taking care of my share without forgetting.”

His mother hugged the commercial building title deed that Taesu gave her tightly to her chest.

Hansu smiled contentedly at the sight.

Taesu turned to Hansu.

“Hansu, take this.”

“What is it?”

Some words were written on a piece of paper.

Compared to his father’s money cushion and his mother’s commercial building title deed, it was a crude piece of paper.

But Hansu’s eyes trembled when he received it.

“Th, this is?”

“Pick one from there. Let’s buy one you like.”

“Shinseong Motors’ New Crown, New Corona. Daeyeon Motors’ New Cortina. They’re all ambitiously released cars this time?”

The car names, models, engine displacement, output, and top speed were written on it.

“Hyung, are you really going to buy me a car?”

“It’s what you need most.”

That’s right. It’s necessary.

It’s necessary to go back and forth to Seoul, and to go to Pohang where the school is being built.

‘For a man in his 20s, a car is his business card.’

Would this time be any different from the 21st century?

Even if you get a motorcycle, you’d be proud, so if it’s a car, the game is over.

‘In 2020, there were so many different cars that there were many options to choose from. Now, in many ways, the range of choices is too narrow, which is a shame.’

There are many restrictions on the types of cars being released, the car manufacturing companies, and car imports and exports.

I want to buy him a better car, but realistically, I have no choice but to choose from within this range.

‘The BMW 3.0 CLS would be running smoothly in Germany right now. It’s hard to import even if you have money. I’ll have to drive a Korean car for now.’

Hansu was excited but also a little hesitant.

“A car. Isn’t that too much? We’re not a chaebol [large family-owned conglomerate] family.”

“Take it. You can’t refuse a gift from your hyung.”

It wasn’t until the 80s that the My Car craze blew and cars were distributed to the middle class.

In the 70s, only very wealthy families drove cars.

Holluck next to him patted Hansu on the shoulder.

“Taesu must have gotten a little cocky playing the role of hyung. Just take this and help hyung even harder than that. Why are you feeling burdened, you’re family.”

Taesu turned to Holluck.

“Holluck.”

“Euhahaha, do I get something too? Thank you, Taesu!”

Holluck was already drinking kimchi soup [anticipating a reward] before Taesu even gave him anything.

“Take this.”

“What’s mine? Of course, it’ll be a very expensive liquor, right? Hehehe.”

“You said your grandmother wanted to tend a garden in a house with a yard? It’s the house deed and land deed.”

“Keck!”

Holluck choked while taking a pleasant drink.

His mouth was splitting open with laughter, and he coughed again.

After wiggling his butt and making all sorts of fuss, he barely stopped coughing.

“Our grandma will be so happy she’ll fall backwards. Hehehe.”

Holluck rubbed his eyes as he looked at the house deed and land deed that Taesu gave him.

“What? 180 pyeong [approximately 6,400 sq ft] of land and a 20 pyeong [approximately 710 sq ft] house? The garden is 250 pyeong [approximately 8,900 sq ft]?”

“You have to be filial too. She’s getting old now.”

Holluck was so happy that he jumped up and down on the spot and then danced.

Then he suddenly saluted.

“Loyalty! I will give my all to loyalty, Mr. President! I will protect the back of the president for the rest of my life!”

“Just answer the phone well, you bastard. Hehehe.”

Taesu turned to the mine owner.

“The molybdenum mine is very busy these days, and I heard you’re overworked from running the limestone mine and cement factory together?”

“Haha, it’s next door. It’s manageable.”

“I’ve put in a little something for your hard work.”

Taesu handed over a thick envelope of money.

The mine owner was overjoyed.

“Oh my, why are you giving me all this? It’s naturally what I have to do, and I’m getting a generous salary.”

“Just keep working hard like you are now.”

“Thank you, Mr. President. You even gave me the house I was living in so I wouldn’t end up on the streets. I will repay that kindness by working hard and doing my best.”

“Good.”

Holluck was excited and raised his glass high.

“Let’s have a hot year-end party toast!”

“Good!”

“The president should say a word for the toast!”

Clap clap clap.

Taesu got up from his seat and looked around.

They were all meritorious people who had wholeheartedly helped Taesu.

“Since we’ve eaten together today and shared joy and success, we’re all one family.”

“That’s right!”

“Thanks to you all, I am who I am today, we have our mine, and we have a future.”

Taesu pointed to a spot on the map of Seoul hanging on the wall.

It was Gangnam.

“From now on, this is where the land value of Korea will be determined. The golden land where the most money in Korea is concentrated. I will also build my nest here.”

Everyone focused on where Taesu was pointing.

Taesu said confidently.

“We will develop this place. We will build apartments, build roads, build schools, and build buildings.”

Cheongil Construction built an apartment complex in Gangnam eight years later and earned 200 billion won, or 4 trillion won based on 2020 [approximately $3.4 billion USD], in just one month of sales.

‘I’m building the highest-class apartment that Cheongil Construction is building this time! I’m getting the highest-class construction brand that Cheongil Construction has!’

Taesu smiled at the people.

“For the time being, all the money that falls into my hands will be used to buy land in Gangnam.”

He plans to buy land first for the development of Gangnam.