Mining And Construction Tycoon [EN]: Chapter 26

26. Molybdenum Price Surge (2)

Tae-soo’s parents were wide-eyed when they saw the molybdenum mine.

The mine was completely different from when Tae-soo and Han-soo had visited.

Mine development was well underway.

“It’s quite large, more than I thought,” his father said.

“To think it was an abandoned mine from the Japanese colonial era; that was all a tall tale,” his mother added.

Many miners were working busily.

Not only the miners who had participated in the gold mine development but also skilled miners additionally hired through Choi Il-gu’s connections were very busy.

The miner Han-soo had brought was also passionately searching for the molybdenum lode [a rich deposit of ore].

Thanks to this, the molybdenum mine development picked up speed.

“It’s quite fascinating.”

His father’s eyes widened as he looked around repeatedly, a broad smile on his face.

“Tae-soo, I heard that war mineral comes from here, what was it called?”

“Yes. It’s called molybdenum.”

His mother was equally amazed.

“What does it look like? Does it sparkle? Is it as precious as gold or silver?”

“It’s very different.”

The owner of the limestone mine, who was directing the site, rushed out.

“Mr. President, you’ve arrived?”

The limestone mine owner, now the mine manager, greeted Tae-soo.

“Mr. President, are these perhaps…”

“Yes, these are my parents.”

“Oh my, it’s wonderful that you have such a reliable son. Nice to meet you. I’m Choi Il-gu, and I’m working here as the general manager.”

Tae-soo’s parents also greeted him.

“Please take good care of us in the future. I’ll help with any odd jobs, however inadequate I may be,” his father said.

“Please take care of me too. I’ll help with the kitchen work,” his mother offered.

Choi Il-gu gestured to the miners.

The miners came pushing a cart full of molybdenum ore with groans.

“This is molybdenum. There seems to be quite a lot of reserves inside. I was surprised.”

“Oh, this is that…”

Tae-soo’s parents stuck to the cart and looked around.

They didn’t know how it was different from coal, but they knew it was precious.

Tae-soo nodded.

‘The Sangdong Mine’s molybdenum reserves were estimated to be worth about 1.9 trillion won [approximately $1.5 billion USD] as of 2019. There will be much more than what’s visible now.’

Still, it feels good to see it with my own eyes.

The miners were unexpectedly good at mining molybdenum.

Choi Il-gu was also doing a great job enthusiastically.

It was all possible because of his dream to reclaim the limestone mine and cement factory someday.

“It’s new and fascinating to mine molybdenum after only mining limestone. Hahaha.”

“I feel sorry for burdening you with so much work, having you look after the limestone mine and cement factory as well.”

“Hahaha, it’s fortunate that it’s a neighboring mine. I’m enjoying every day these days.”

It wasn’t just empty words; Choi Il-gu was genuinely enjoying himself these days.

He was as energetic as when he first started the limestone mine.

That time, when he was immersed in the mine with his employees, was just like now.

It was then.

An employee rushed over and shouted loudly.

“Mr. President, Mr. President! Someone has come to see you!”

Park Tae-jong slightly took off his fedora and greeted.

“Oh, is this the molybdenum mine?”

Tae-soo recognized him as soon as he saw Park Tae-jong.

‘He must have heard the news about the suspension of molybdenum extraction.’

He’s a powerful figure, so the news travels fast.

It wasn’t even in the corner of the newspaper I look at every day.

‘The result of making an impression came out pretty quickly.’

Then, it’s time to put a stamp on a proper contract, not just an impression!

* * *

At the same time, the news of the suspension of molybdenum extraction in the United States caused a huge stir in the market.

Molybdenum is a rare metal that is essential in all industries, which made the situation even more critical.

Of course, the number of companies related to molybdenum was much larger than expected.

For that reason, the world was turned upside down.

Germany.

“Find a new supplier! At this rate, the factory will stop! Suspension of molybdenum extraction! What a bolt from the blue!”

Japan.

“What have you been doing until things have come to this point! What are you going to do with such slow information! Sweep up all the molybdenum right now! Hurry!”

Other countries were similar.

The news of the suspension of molybdenum extraction in the United States was too sudden.

Even for the United States.

“Even if we can’t export, we have to meet domestic demand! The amount of molybdenum we have secured is too insufficient!”

Everyone was running around to secure supplies, looking for molybdenum supplies that were only 13% of the usual amount.

Molybdenum is a rare metal, and its global reserves are concentrated in the top five countries: the United States, the Soviet Union, China, Australia, and Canada.

Even then, the United States monopolized 87% of the world’s molybdenum market, so development in other countries was sluggish.

So, the countries in question were also in a state of emergency.

The Soviet Union was particularly so.

“What? The United States? Then we’re going to have problems with the production of military supplies right away! Find a molybdenum mine!”

“We are also producing molybdenum. However, the supply is woefully insufficient compared to the demand.”

“Can’t we find a few more molybdenum mines in this vast land! Search every nook and cranny!”

“There has been a report that molybdenum is buried in the Kutesai mine.”

The Kutesai mine was located in Kyrgyzstan (Russian name: Kirghizia) in the mountainous region of southern Central Asia.

It was a country in the former Soviet Union, but the Soviet Union’s control was weak.

But it doesn’t matter.

“Then shouldn’t we just go and mine molybdenum right away!”

“We had already given up on mine development because it was not profitable. Even if we tell them to develop it right away, there are many problems. It is clear that it will take quite a while.”

Bang!

“Find a place where we can immediately supply molybdenum while developing the Kutesai mine! Don’t discriminate against China, Australia, or Canada!”

Everyone was in a panic because they were on fire.

* * *

Tae-soo’s office was very shabby.

He could have set up an office near the limestone mine and cement factory in the next town, but Tae-soo nested in one of the log cabins in front of the molybdenum mine.

It was a declaration of his intention to focus on molybdenum for the time being.

Park Tae-jong sat on a roughly made chair—no, a stool.

It was a desk and stool that a carpenter seemed to have made roughly with leftover wood.

Tae-soo tilted the kettle and poured a cup of tea for Park Tae-jong.

“Hmm? The scent is quite peculiar.”

“It’s because I mixed and boiled various things.”

“What on earth do you mix and boil to make such a peculiar taste?”

“My mother boiled it thinking about my health. I don’t know what went into it.”

“This is a tonic [a medicinal drink believed to restore health].”

Park Tae-jong laughed heartily and drank it all at once.

Clunk.

Park Tae-jong, who put down the glass, went straight to the point.

“You probably know why I came here. Supply molybdenum to Pohang Iron and Steel [a major South Korean steel company, commonly known as POSCO].”

“Okay.”

Tae-soo readily agreed.

Rather, Park Tae-jong blinked for a moment.

The answer was quicker than expected.

After a moment, Park Tae-jong burst into hearty laughter.

“Hahaha! I didn’t expect such a cool answer!”

“It’s not a big deal.”

‘I was going to sell it to you from the beginning.

Otherwise, why would I have gone all the way to Pohang?’

“The tables have turned from two weeks ago. I expected you to get your money’s worth for the fruitless trip back then.”

“I would be grateful if you would give me a price.”

There’s no way to refuse something good.

Park Tae-jong laughed again.

‘What a confident and cool young man. No one his age can stand up to him. I can already see the demeanor of a big shot.’

Park Tae-jong has a son who is about the same age as Tae-soo.

Even compared to his son, Cheol-wan, whom everyone praises as an outstanding talent, Tae-soo is far superior.

‘This young man has been showing me goodwill from the beginning. My intuition is certain. What is it? It’s as reassuring as if we’ve formed a strong military alliance; this is really something.’

Park Tae-jong looked at Tae-soo with a satisfied expression.

“How would you like me to pay?”

“I would like you to guarantee the molybdenum mining rights. For only 10 years.”

What is this again?

Park Tae-jong was bewildered.

“Isn’t that your mine? You don’t have a mine license or-.”

“That’s not it.”

“Then why are you asking for such a favor?”

“Because I lack the power to protect the mine.”

Park Tae-jong didn’t quite understand.

It’s natural.

Because Park Tae-jong is a powerful man who has nothing to envy.

But Tae-soo is different.

“They will use the excuse of being a national strategic mineral and try to take excessive profits from molybdenum. It’s easy to just get rid of me.”

“Hmm.”

In fact, Oh Chun-sik was removed in that way, and the molybdenum mine was swallowed up.

Park Tae-jong pondered.

It made sense.

‘The global supply of molybdenum has dropped sharply. It’s only natural to want to take a perfectly good molybdenum mine.’

But why is there a 10-year limit?

Park Tae-jong’s question was immediately resolved.

“After 10 years, I will donate it to the country.”

“What?”

Park Tae-jong jumped up from his seat.

It was an unbelievable statement.

He would donate the molybdenum mine that would lay golden eggs to the country!

“Instead, I hope President Park will protect me and the mine for 10 years.”

“Hmm.”

“I believe you will persuade the guarantor well.”

If it’s the guarantor, is it that person he mentioned when writing the promissory note?

Park Tae-jong looked at Tae-soo with a fresh look.

Tae-soo had already finished calculating in his mind.

‘Let’s give it away coolly before it’s taken away. Instead, let’s make a proper living without worry for at least 10 years. I’ll scrape it all off and sell it.’

In his previous life, Oh Chun-sik was deprived of the molybdenum mine, and the mine was absorbed into Daewoon Heavy Industry, a state-run company.

It was under the guise of a national strategic mineral, but in reality, a high-ranking official had been eyeing molybdenum for a long time.

It was a very important rare metal needed to implement a national-led heavy industry development policy.

Tae-soo only handled the matter on behalf of the Cheongil Group.

‘It’s almost certain that the mine will be taken away. Park Jeong-hwan must have noticed it because he’s making a lot of money due to the soaring molybdenum prices. Oh Chun-sik and I. That’s unavoidable.’

But I can’t not make a lot of money because I’m afraid of that!

Oh Chun-sik was able to hide behind the shadow of a chaebol [a large, family-controlled industrial conglomerate] for a while, thanks to marrying his daughter into a chaebol family.

But Tae-soo doesn’t have a backer to shield him.

So Tae-soo chose Park Tae-jong.

“A considerable amount of money was spent developing molybdenum.”

In reality, it only cost the daily wage of the miners.

No. It cost 100,000 won [approximately $80 USD] to get the mine license, right?

“I will cleanly hand it over to the country after making a reasonable profit and principal.”

Not moderately, but I plan to scrape it all off to the bottom.

Tae-soo’s words moved Park Tae-jong’s heart.

How admirable it is to see a commendable young man who is willing to give up his own things for the country.

Park Tae-jong nodded greatly.

“Okay. Very good. I know that a lot of money is needed to develop the mine and equip the facilities. Of course, you shouldn’t feel wronged after recovering that money before handing it over. I can’t force you to sacrifice even that.”

Park Tae-jong, who was lost in thought for a moment, looked back at Tae-soo.

“I need to use the phone.”

Park Tae-jong picked up the phone.

“Your Excellency, this is Park Tae-jong.”

Oh, as soon as he finished speaking, he summoned the president with a direct call.

“Your Excellency, there is someone who is willing to donate the mine to the country himself. He has redeveloped an abandoned mine from the Japanese colonial era.”

Park Tae-jong looked back at Tae-soo.

“I ask Your Excellency if it would be okay to give a grace period of only 10 years, considering the funds used during the development.”

Park Tae-jong bowed 90 degrees while holding the phone.

“Thank you, Your Excellency.”

Park Tae-jong put down the phone.

“Your Excellency has agreed. Now let’s write the contract.”

“Thank you.”

The molybdenum supply contract was drawn up in an instant.

After completing the contract, Park Tae-jong took his fedora and left the office.

While seeing Park Tae-jong off, Tae-soo smiled slightly.

“Aren’t you going to get scolded by Your Excellency later?”

“He is a person who does not speak out of both sides of his mouth. The promise will be kept.”

“He might feel quite bitter once he knows it’s a molybdenum mine.”

Park Tae-jong smiled.

“It’s because he didn’t ask what kind of mine it was, so what can you do? He has to put up with that much.”

Wow. This person, now that I see it, is a master of ‘go ahead and sue me’ [a Korean expression for someone who is confident in their actions and not afraid of legal consequences].

He only mentioned that he developed an abandoned mine from the Japanese colonial era on purpose.

I really like this person. Hehehe.

“I will also send a few people to protect the mine as promised.”

“Thank you.”

Then an employee ran to Tae-soo.

He hesitated, looking at Park Tae-jong.

“Cheongil Group wants to sign a molybdenum supply contract.”

Tae-soo answered coolly.

“I’m not selling!”