Chapter 171: How to raise interest (1/2)

Chapter 171: How to raise interest

Translated by me, edited by drpetro.

The result was that only the limonite starting from 1500 meters away from the main gates was worth mining.

The size of the deposit on the land was roughly 200 hectares, and parts of it even stretched out into the sea.

As for the part that was in the sea, the surveying team didn’t even bother to check.

In their words, no one in the world would, in their right mind, go mine iron from the sea. And even if there was someone who was crazy enough to do it, there wasn’t a smeltery that would help smelt it.

Because people would be willing to join in for the killings, but no one would join to lose.

The cost of separating out the corroded parts of the metal was just too damn high. Which smelter would do it just to lose money?

Having surveyed the rough area of the deposit, all that was left was to assemble some drills to drill into the earth to see just how deep this deposit was.

Five separate diesel powered drills started simultaneously drilling a planned 80 meters.

This here was the coast, so even if there was minerals a thousand meters deep, they couldn’t do anything about it. If the mining was done too deep, then it would draw in large amounts of seawater, as well as potentially damaging the foundation of the nearby Huanhai Avenue.

Drilling 80 meters was literally a piece of cake. The surveying team, while drilling, also drew out samples, such that on the third day, the final results were all in.

Within the 80 meters, only two of the samples had traces of limonite, as for the rest, they all turned to regular stone after 60 meters.

According to their estimates, this deposit went as deep as 70 meters and had a surface area of 200 hectares. Removing the accompanying rocks from the equation, the entire limonite deposit totalled to around 15 million tons.

For Ye Qing, this 15 million tons of limonite iron was more than enough for him to splurge for a while.

But for those large scale steel factories, for example the ranked first Sand Steel, if they were to operate on full horsepower for a month, then they would definitely be able to melt through all 15 million tons.

If this was a couple years back when the steel sector was still profiting, then there might actually be someone who would risk buying out the rights to this 40% iron concentration deposit. Sadly, the entire steel sector worldwide was faced with a down turn. Under the situation where all kinds of high quality iron ore could be bought on the open market, apart from Ye Qing, there was no one that would take the risk.

When the surveying team reported the results of their finding, the ministry cursed for not being able to gift Ye Qing a national flag.

If Ye Qing didn’t report this, then they wouldn’t even have known that there was a limonite deposit here.

Now not only did Ye Qing report the finding, he even promised to buy out the rights, which was why the ministry happily agreed to Ye Qing’s requests. Being able to sell out the Dragon Creek Beach was already a big surprise, yet who would’ve thought that there was a hidden gold mine?

Of course, what they didn’t know was that the real gold mine, the naturally formed highly concentrated titanium, was hiding under those barren hills.

Since this piece of land belonged to Ye Qing, now that a limonite deposit had been found, the price to transfer it was naturally cheaper.

The ministry offered a price tag of 80 million for the long term mining rights.

Each ton of raw ore under this price came to a bit over five yuan (Less than a US buck). This price might seem cheap on the surface, but to mine by the coast, the cost of the investments needed was also huge.

The ministry also gave out some safety conditions, for example, there can’t be any damage to the foundation of Huanhai Avenue, and when mining near the coast preventative measures must be taken to prevent seawater from causing collapses.

Ye Qing left all these minor details to the company’s managers and lawyers to discuss. All he had to do was just sign the contract at the end.

Another 80 million gone from his bank account. Add on the massive amount of construction materials that was previously bought and Ye Qing didn’t have much left to spare in the account.

Money being spent and turning into stable assets moved the Monster Factory forward 50 spots to 267 on the rankings.