Cao Mo said he was going back to China for vacation, but there were still a lot of things waiting for him to decide when he returned home. Now everyone is trying their best to discuss things while he is back home, and countless things are coming to him at once.

The next morning, Cao Mo went to Tianyue Investment Headquarters to sort out the domestic business during this period. He also had to take a break from his busy schedule to have some office sex with Song Yuqing. Before noon, Qian Wenhan couldn't wait to call. Come here and take him to Jinhonghui for lunch.

Song Yuqing didn't like to appear in public very much, so Cao Mo dragged Xie Sipeng, Shen Ji, Chen Feng, Xu Bin and others to Jinhonghui. Ding Zhaoqiang, Ge Jun, Zhou Shenhe and others were also dragged over by Qian Wenhan.

Qian Wenhan, Zhou Shenhe and others were also impatiently looking forward to Cao Mo's return.

Regarding the situation in Akwa, Cao Mo, Qian Wenhan, and Zhou Shenhe were in communication and contact at any time, but the Saiwei family did not officially launch an attack on Yibogu Mining regarding the Wusang River copper and gold mine. Therefore, the Wusang River The whirlpool that copper and gold mines are involved in is so subtle that it is difficult to explain it clearly in a few words over the phone or via email.

Even on the surface, there are no problems currently faced by the Wusang River Copper and Gold Mine. After the first mine was completed, it has been operating in a very "healthy and stable" manner.

More importantly, for fear of being eavesdropped or intercepted, Cao Mo would not talk about secret or shady things in his phone calls or emails to Qian Wenhan and Zhou Shenhe.

In fact, even if they met in person, Cao Mo would only talk to Qian Wenhan and Zhou Shenhe about forming a secret alliance with Asamo Ji'an, the moderate leader of the Kanter tribe, and Juan Mantar, to fight against Kanter. The support plan for the descendants of the special colonists and other matters.

Ding Zhaoqiang and Ge Jun were not interested parties, so of course Cao Mo would not tell them everything about such a confidential matter.

But in any case, the crisis in Akwa can only be temporarily relieved, and Cao Mo can't judge whether the Saiwei family will counterattack more fiercely after stabilizing the situation in Akwa.

Therefore, the Wusang River Copper and Gold Mine is currently only maintaining normal operations of the first mine, while the construction of the second and third mines has been suspended.

As the transportation between Pemi and Dahomey improves, Cao Mo also plans to move the branches of Ibogu Mining, Gulf of Guinea Shipping, Tianyue Industry, Cornero Food and other companies in Akwa from the capital Pemi. To the south, the Cantes were absolutely dominant in Dahomey.

Cao Mo will also try to reduce the number of Chinese dispatched employees in Akwa as much as possible.

In the final analysis, it is strategic contempt and tactical attention. Making these preparations is to avoid being retaliated by the Sevi family in more despicable and despicable ways.

If you are an enemy of the presidential family of a country, no matter how weak the country is, more caution and precautions are necessary.

When the situation was at its most delicate, senior executives of Cao Mo and Ibogu Mining and other companies had evacuated from Akwa for a while.

Of course, the good news is that international gold futures prices stabilized at a high of US$11 million per ounce in the second half of 2009, and even hit a high of US$1,200 per ounce.

Ibogu Mining is developing on the coast of the Gulf of Guinea and can enjoy preferential tax rates that are unimaginable for domestic gold mining practitioners. Although the current monthly gold output is not as good as Xinhai Gold, the monthly net profit has quietly surpassed Xinhai Gold by a large margin. Reaching more than 40 million US dollars per month.

The key is not counting the Wusang River copper and gold mine, the production capacity of Yibogu Mining is still being steadily released.

If the gold price can remain unchanged, as Ibogu Mining continues to release its production capacity, its monthly profits will increase at a rate of one to two million US dollars per month in the next two years.

However, the price of gold cannot be stable and fluctuates at any time.

Ge Jun predicts that as more and more countries, including the United States, adopt looser monetary and fiscal policies, and even currency depreciation to promote exports, competition among countries will lead to unimaginable declines in international gold prices.

peak.

In other words, even if the crisis at the Wusang River Copper and Gold Mine remains unresolved, Yibogu Mining is still the largest gold mine in Cao Mo's hands, shining with dazzling light.

"Domestic taxes on resource companies are too high. Xinhai Gold can achieve a net profit of 3 billion this year, which is already quite impressive. Even if the international gold price rises to US$2,000 per ounce, Xinhai Gold's profit will be

It is difficult to double the profit, but the profit of Yibogu Mining can be doubled several times, it is really incomparable!" Zhou Shenhe said with envy.

"The price-to-earnings ratio of Xinhai Gold is almost 30 times, and there is still a lot of domestic capital chasing it. Can Yibogu Mining enjoy this price-to-earnings ratio? Who wants to take over Yibogu Mining? I don't need such a high price-to-earnings ratio. I'll give you a 50% discount.

, I will sell all my shares to him now, so that I won’t have to worry about the complicated situation in the Gulf of Guinea in the future. I am worried now that if I continue to worry like this, by the time I am forty years old, my thick hair will look like

Lao Xie ended up like that!" Cao Mo dropped the snow-like ashes of his cigar into the ashtray and said in distress.

"You have to show off your thick hair, so you don't have to pull me out." Xie Sipeng said resentfully.

Everyone laughed.

Yibogu Mining will make a net profit of US$500 million in 2009. Regardless of the price of gold, the profit in 2010 is expected to be US$600 million; in 110 it is expected that the profit will be US$700 million.

If we really estimate it based on a price-to-earnings ratio of fifteen times, the market value of Ibogu Mining should be between nine and ten billion US dollars; if we really calculate it based on a price-to-earnings ratio of thirty times, it would be far higher than the market value of Xinhai Gold.

However, things have pros and cons.

The political economy of West Africa is immature, and the resource exploitation within its territory is still being plundered by overseas capital. Therefore, Ibogu Mining can also enjoy ultra-low tax rates, but also because of the immature political economy, those investment capital cannot

The value of Ibogu Mining would be overestimated.

The Wusang River copper-gold mine is a living example.

At present, the first mine has been successfully operated. In 2009, 200,000 tons of copper concentrate crossed the vast Atlantic, Indian Ocean, and Pacific routes and were sent to the smelting furnace of Xinhai Gold, creating an output value of nearly 400 million US dollars.

.

The Wusang River Copper and Gold Mine has not calculated any profits for the time being. The main reason is to calculate the initial construction costs as soon as possible in the form of depreciation of equipment and building facilities.

This is also a kind of self-protection in an unstable situation. If calculated based on conventional depreciation calculations, the profit margin of the Wusang River Copper and Gold Mine is much higher than that of other gold mining sites.

However, at this time in Akwa, with such a delicate situation with the presidential family, what is the appropriate value of the Usan River copper and gold mine?

Who can ensure that the Wusang River copper and gold mine will not be shamelessly taken away by the Savvy family and the Evans Foundation one day?

Of course, one of Cao Mo's purposes when he came back to meet Qian Wenchao and Zhou Shenhe this time was to discuss how to convert Xinhong Investment and Xinhai Gold's shareholding in Wusang River Copper and Gold Mine into

Holdings in Ibogu Mining.

The plan is similar to the private placement of listed companies.

Ibogu Mining is currently registered as a joint-stock company with a total of 100 million shares. Although the registered price of each share is one dollar, the actual value has nothing to do with the registered capital or even net assets.

If we do not take into account the rapid expansion in the next two years, and only calculate the expected profits in 2009 and a price-earnings ratio of eight to ten times, the value per share should be between US$40 and US$50.

If Qian Wenhan and Xinhai Gold agree to exchange shares, Yibogu Mining will add some new shares at a suitable price, acquire Xinhong Investment, and Xinhai Gold's shareholding in Wusang River Copper and Gold Mine, the share exchange can be completed directly;

As a result, the huge risks faced by the Wusang River Copper and Gold Mine at this time will be shared by all investors in Yibogu Mining.

"This is really a difficult problem!" Qian Wenhan scratched his head and said, "As a listed company, Xinhai Gold also involves state-owned holdings, and the asset transfer procedures are too complicated. I doubt that the district State-owned Assets Supervision and Administration Commission will bring it up if Lao Zhou brings it up.

I rejected the proposal directly if I thought it was too complicated. And the twists and turns cannot be disclosed to the outside world. Xinhai Gold’s share swap action is more likely to arouse doubts from the outside world. As for Sun Hung Investment, I personally can make the decision and know it.

You are purely out of good intentions, but I will not hide it from you. Sun Hung Investment initially focused on holding shares in the Wusang River copper and gold mine, mainly focusing on the development of individual minerals. The asset structure is simple and clear, which provides a good foundation for the subsequent

The equity transfer brings great convenience. If you don't wait and see for another year, if the situation in Akwa is not clear after one year, I will shamelessly take advantage of you."

Qian Wenhan's capital injection into the Wusang River Copper and Gold Mine is mainly a financial investment and does not directly interfere with the construction and operation of the mine. When it comes to realizing the investment through equity transfer, it is naturally the simplest and most convenient for a single mine.

The current mines of Ibogu Mining are all over the countries along the Gulf of Guinea. Regardless of the annual profit, it involves intricate political and economic relationships. Even if there is capital willing to take over the equity of Ibogu Mining, the value assessment will be very complicated.

"Okay, as far as our friendship is concerned, of course this condition can be kept for you for one year," Cao Mo said with a smile, "Of course, in the next year, in order to prevent the situation from getting worse, the Wusang River Copper and Gold Mine will make as much provision as possible

When the depreciation money is transferred from Akwa, inevitable losses will occur. I think everyone should share the losses with actual investment. I have signed a supplementary agreement recently to save you money and make you unable to sleep soundly in the country..."

He did his best, and Qian Wenhan finally decided to continue to hold shares in the Wusang River Copper and Gold Mine out of his considerations. Naturally, he respected Qian Wenhan's wishes.

But if the share exchange is not completed within a year, and the Wusang River Copper and Gold Mine suffers tragic losses, Cao Mo can be more rogue and use the calculated depreciation and other recoverable investment costs to replace it with new ones.

The actual shareholding ratio between Hong Investment and Xinhai Gold was liquidated.

If liquidated in this way, the investment principal that Xinhai Gold and Xinhong Investment can get back will be very limited. After all, their actual combined shareholding in the Wusang River copper and gold mine is only 16.7%.

However, Cao Mo promised to share the losses with actual investment and signed a supplementary agreement for this purpose. No matter how much depreciation is accrued or how much investment cost is recovered, as long as the liquidation is carried out, the two of them can share almost 40%, maximizing the

to reduce losses.

Cao Mo made such a commitment and agreed to sign the supplementary agreement. In addition to morality and Qian Wenhan's practical help in the development of Tianyue in recent years, he also wanted to establish trust in the domestic business community and pave the way for Tianyue's greater development in the future.

Flat road.

"With what you said, what do I have to worry about? If the current situation can last for one and a half to two years, the initial investment can be calculated, right?" Qian Wenhan asked with a smile.

"Currently, we have only planned to withdraw US$260 million. From an optimistic point of view, if there is no major change in copper and gold futures prices, we can withdraw another US$234 million," Cao Mo said.

After hearing what Cao Mo said, Zhou Shenhe felt relieved.

By this time next year, a total of US$500 million can be accrued. Even if the Wusang River copper and gold mine and its associated facilities and equipment are expropriated by the Akwa authorities, Xinhai Gold will still be able to recover at least US$100 million in capital.

It is an bearable loss.

If the situation can be maintained until the day after tomorrow, the principal invested can be recovered, so there is nothing to worry about.

Of course, if the crisis at the Wusang River Copper and Gold Mine can be successfully overcome, the equity value will be completely different.

"As long as I don't lose all my money, I can still bear the failure of one or two projects," Qian Wenhan also smiled, "By the way, before you came here, Lao Ding said that you planned to convert Dongsheng's palm oil

The business has been integrated into Tianyue Industrial, what is the situation?"

Sun Hung Investment currently also indirectly holds 10% of Tianyue Industrial's shares. Even though it has promised not to interfere with specific operations, it is more concerned about whether Tianyue Industrial's future stock price can receive strong support.

In less than a year, the lock-in of the equity acquisition fund will expire. Whether this investment can generate very large returns depends on whether Cao Mo can effectively build the business structure of Tianyue Industrial and make it truly valuable.

Put the assets and main business into it.

Cornero Energy has great development prospects and potential, but domestic capital does not recognize it.

Qian Wenhan also hoped that Cao Mo would bring in some assets and businesses that domestic capital was interested in.

"Shen Ji is not willing to be a mere commander in the country. It was he who suggested this matter. If you have any questions, just ask him." Cao Mo simply pushed the matter to Shen Ji. Otherwise, he would

He is introducing various plans and proposals all day long, which can be very tiring.

And it was impossible for Cao Mo to take responsibility for everything.

If we really want to integrate Cornero Food's domestic business and Dongsheng's palm oil business into Tianyue Industrial, Shen Ji will be specifically responsible for this business in the future. It is better to leave it to him to manage from beginning to end.

After Shen Ji returned home yesterday, he told Ding Zhaoqiang the idea in person on the phone, but he went through it again at night and told some of the details of his thoughts.

The general plan is no different from what was discussed last night. On the one hand, it is to integrate the plantation assets of both sides. On the other hand, it is to integrate the crude palm oil refining and cocoa butter, cocoa bean refining, related import and export, and sales operations into the listed company Tian

Go to Yue Industrial.

However, considering the continuity of the business, even if it is inconvenient for overseas plantation assets to be directly transferred to the listed company Tianyue Industrial, it still accepts the guidance of the listed company in terms of business.
To be continued...