After finishing the tour of the tunnel, Seok-won removed his safety helmet and handed it to Han Ji-sung, then ran a hand through his flattened hair.
He turned his head toward President Lee Seon-dong and asked,
"What's the current international price of tungsten?"
Still wearing his helmet, President Lee Seon-dong answered promptly.
"It is typically traded in 10-kilogram units. The price has fallen significantly compared to last year and is currently averaging around 38 dollars."
"The decline in price must be due to China pushing out supply as if dumping it on the market."
At the sharp question, President Lee Seon-dong hesitated briefly, then answered honestly with a darkened expression.
"That's correct. China has been pouring such a vast volume into the market that prices have been cut in half compared to last year."
Without much change in expression, Seok-won responded,
"Then tungsten mines outside of China must also be struggling with profitability and unable to operate properly."
"Yes."
Clenching his fist tightly, President Lee Seon-dong spoke in a voice tinged with frustration.
"Dumping should have its limits, but Chinese companies are selling at prices below their own production costs. There's no way to compete under those conditions. As a result, not only the Ssangjeon Mine in Uljin, but also major mines in Australia and Bolivia, have been unable to endure and are shutting down one after another."
"Now that you mention it, there was another tungsten mine in Korea besides this one, wasn't there?"
President Lee Seon-dong nodded and added further explanation.
"That's correct. The Ssangjeon Mine in Uljin, Gyeongsangbuk-do, and the Sangdong Mine here were the two major tungsten-producing sites in the country. However, only ten years after full-scale mining began, price dumping by China made operations unprofitable, and it was forced to suspend operations in 1983—earlier than we did."
According to data surveyed by the Korea Mining Promotion Corporation, the Ssangjeon Mine's tungsten reserves amounted to approximately 2.07 million tons—a figure that was by no means small.
'However, later surveys using advanced exploration technology significantly increased the estimated reserves to 3.1 million tons.'
Above all, like the Sangdong Mine, the Ssangjeon Mine also had an exceptionally high tungsten grade of 0.46 percent and outstanding quality.
Considering that the global average—including China—was around 0.19 percent, it was clear just how high the grade of domestically produced tungsten ore truly was.
Before his regression, when the prices of raw materials—including tungsten—had surged, speculative forces had tied the Ssangjeon Mine to a market theme, causing the stock price of the company holding its mining rights to fluctuate sharply. Because of that, Seok-won was quite familiar with the details.
Clearing away his brief reverie, Seok-won slowly surveyed the mine, which felt not only desolate but almost eerie, then casually tossed a remark toward President Lee Seon-dong and the Korea Tungsten employees standing to one side.
"If we were to reopen the shaft and resume mining, how long do you think it would take?"
"Pardon?"
With Chinese companies flooding the market at prices barely half of production cost, profitability was virtually nonexistent.
Seok-won not only possessed considerable knowledge about tungsten but also seemed thoroughly familiar with the state of the industry. Because of that, President Lee Seon-dong and the Korea Tungsten employees had gradually begun to let go of the expectations they initially held.
After all, even they knew that no one in his position would acquire a mine and a company that were bound to incur losses rather than generate profits.
Just as they were nearly resigned to that reality, an unexpected remark came from Seok-won's mouth, and all of them stared at him in bewilderment.
"Um… what did you just say?"
As if wondering whether he had misheard, President Lee Seon-dong asked again, his voice slightly trembling.
Seok-won gave a faint smile, as though he understood the reaction of the Korea Tungsten employees, and replied,
"I asked how long it would take to reopen the mine."
"…!"
Realizing they had not misheard, President Lee Seon-dong and the Korea Tungsten employees erupted into a stir.
The resignation on their faces quickly shifted back into hope, and President Lee Seon-dong swallowed hard.
"Are you saying… that you intend to acquire our company?"
At the cautious question, the employees standing behind him also looked at Seok-won with eyes filled with hope and anticipation.
It was clear from their expressions how anxious and uncertain they had been about the company's future while under creditor management, with no clarity about what lay ahead.
Without hesitation, Seok-won nodded and replied,
"That's right. Of course, we'll need to speak with the creditor banks to be certain, but unless there are major issues, I intend to acquire Korea Tungsten."
The moment he heard those words, President Lee Seon-dong had to struggle to hold back the cheer that nearly burst from his throat.
"Thank you very much!"
He bowed deeply and cried out in a voice thick with emotion.
Director Park Young-gyu and the other employees, their faces flushed, also bent at the waist in visible joy.
"Thank you!"
"We will work with utmost dedication, as if carving our own bones."
"Thank you for giving us this opportunity."
Their heartfelt words drew a smile from Seok-won.
"The acquisition hasn't been finalized yet, so there's no need to thank me already."
"If you say you intend to acquire us, Chairman, the creditor banks surely won't object."
President Lee Seon-dong spoke with certainty.
The employees standing beside him nodded repeatedly, their faces filled with earnest hope.
With so many companies burdened by nonperforming loans and placed under court receivership in the aftermath of the IMF financial crisis, the creditor banks would surely welcome any opportunity to lighten their load.
Moreover, among Korea Tungsten's creditor banks was WB Bank, owned by Seok-won himself, which made negotiations all the more straightforward.
For that reason, once he had made up his mind, it was hard to deny that the acquisition of Korea Tungsten was practically a foregone conclusion.
"However, you haven't answered the question I asked."
"Ah, that…"
Instead of the flustered President Lee Seon-dong, Director Park Young-gyu, who was more familiar with the on-site conditions, quickly stepped forward to answer.
"Since it has been left unattended for so long after the closure, as you can see, the condition of the shafts and facilities is far from good. It would take at least half a year to inspect and repair everything."
With his hands in his trouser pockets, Seok-won slowly surveyed the surroundings.
"Indeed, rather than fixing it up, it might be faster to tear everything down and rebuild the facilities from scratch."
Worried that Seok-won might reconsider, Director Park Young-gyu hurriedly added,
"We will work day and night if necessary to reopen the mine within four months—no, within three months."
"Even if mining resumes, profitability will still be low, and selling the output won't be easy, will it?"
"Yes… that's true."
Director Park Young-gyu, who had been brimming with determination, answered with a slightly crestfallen expression.
"That's precisely why there's no need to rush or push ourselves too hard."
At that moment, President Lee Seon-dong cautiously interjected, reading the room carefully.
"As you mentioned, even if we resume mining tungsten, profitability would still be low. May I ask why you intend to reopen the mine…?"
Given the structure of the market, the more tungsten they mined, the more losses would inevitably accumulate. It was only natural to be concerned.
Seok-won turned his body and gazed at the dark tunnel entrance they had just emerged from.
"Of course, as long as mining results in losses, we won't operate the mine in full-scale production."
"Then what do you intend to do?"
President Lee Seon-dong asked with a puzzled expression.
Frankly, if things were as Seok-won had just said, it would amount to throwing money into thin air for no reason. It was only natural to question it.
Seok-won lifted one corner of his mouth slightly and replied,
"If we leave it like this for a few more years, the mine will turn into a complete ruin. And when we try to revive it later, it will require far more money and effort, won't it?"
"Yes. That would likely be the case."
President Lee Seon-dong and the employees nodded.
In fact, when they had inspected the tunnel in advance to prepare for Seok-won's visit, they had discovered several areas at risk of collapse due to years of poor maintenance.
That was why, when showing him the interior, they had limited the tour to the first working shaft—the one in relatively stable condition and reinforced with temporary H-beam supports just in case.
"But even if the day comes when profitability returns and we decide to reopen the mine, if all the skilled miners and refining expertise have been lost by then, we won't be able to do anything, will we?"
When the Sangdong Mine was shut down, many miners and technicians lost their jobs and scattered in all directions.
Only because it had not been many years since the closure did the company still retain some of its related technical personnel.
Director Park Young-gyu was one of them.
However, since the company was no longer operating its own mine, even the remaining staff had no idea when they might be forced to leave.
In fact, Director Park Young-gyu and all the mine-related technicians had already been placed on the list for layoffs.
If Seok-won had not come forward and expressed his intention to acquire the company, they would have had to pack up and leave the company to which they had devoted their youth before autumn arrived.
And Korea Tungsten would have completely lost its mining capabilities and technical expertise, remaining nothing more than a manufacturer of tungsten powder and metal cutting tools.
"What I want is to maintain the operational capability and technical expertise so that, when the time comes, we can run the mine at full capacity and extract tungsten."
"But if we proceed as you suggest, the financial burden will be significant, and losses will accumulate substantially. And even if we reduce output, the volume extracted won't be insignificant. We can't simply stockpile all of it without selling, can we?"
President Lee Seon-dong spoke with visible difficulty.
"Of course the refined tungsten should be used. We already own factories that manufacture products using tungsten as a raw material, so what's there to worry about?"
Seok-won spoke as if it were nothing, but President Lee Seon-dong found himself even more troubled by the response.
"If we do that, production costs will rise too much. We could end up losing price competitiveness even in the processed products that are still generating revenue."
"Then we simply make products that people have no choice but to buy, even at a higher price."
"Pardon?"
President Lee Seon-dong blinked in surprise.
"I understand that a U.S. research institute once said Korean tungsten is so high in quality that calling it the best in the world would not be an exaggeration. Is that correct?"
"Absolutely. In terms of quality alone, it cannot even be compared to cheap Chinese material."
President Lee Seon-dong nodded, answering with unmistakable pride.
"In that case, if we use high-quality domestic tungsten as raw material to produce products that demand superior performance—even if they are expensive—we can certainly remain competitive."
He looked around at President Lee Seon-dong and the Korea Tungsten employees as he continued.
"Of course, it won't be easy right away. But to withstand the onslaught of low-priced Chinese products, the only way forward is to move upmarket and develop differentiated, high-quality products. I will provide the necessary funding."
If it had been anyone else speaking, they might have first questioned whether such a plan was even feasible. But these words were coming from Seok-won, the richest man in the world.
And when he declared that he would stand behind them, President Lee Seon-dong and the employees felt a spark ignite in their eyes.
"We will do as you say. No—we will make it happen."
Having confirmed that he was not merely seeking to acquire the company but had a concrete plan to not only restore it but help it grow even further, President Lee Seon-dong and the employees displayed renewed passion, as though they had never been weighed down by helplessness.
Seeing that, Seok-won nodded with a satisfied expression and said,
"While I speak with the creditor banks, draw up a concrete plan to implement what we just discussed."
"Yes! Understood."
President Lee Seon-dong responded energetically.
A short while later, the helicopter carrying Seok-won and his entourage lifted back into the sky in a swirl of dust.
President Lee Seon-dong and the employees stood at one side of the clearing, bowing their heads as they saw him off.
As the helicopter quickly gained altitude and the mine facilities shrank into tiny dots below, President Jeong Gyu-cheol, seated beside him, looked toward Seok-won by the window and asked—
"Do you truly intend to reopen the Sangdong Mine?"
"Of course."
"No matter how superior the quality may be, Chinese tungsten is priced so low that achieving profitability won't be easy."
"That's true for now. But the situation will change soon."
If his memory was correct, tungsten, currently priced at 38 dollars per 10 kilograms, would begin rising sharply next year due to a surge in raw material prices originating from China, eventually soaring to 166 dollars within four years.
That meant the price would increase more than fourfold.
'When that happens, even domestically mined tungsten will be sufficiently profitable.'
It was a level at which not only profitability but substantial profits could be expected.
Moreover, standing as virtually the only alternative supplier capable of challenging China's dominance in the tungsten market would provide a significant strategic advantage in the looming mineral resource wars.
While President Jeong Gyu-cheol tilted his head in uncertainty, Seok-won lowered his gaze, recalling the sight of the tungsten vein that had shimmered like a blue cosmos spread across the tunnel walls.
To him, the Sangdong Mine stretching out beneath his feet no longer looked like a desolate ruin, but like a treasure vault filled with immense gold.