China's gold prices have skyrocketed, and there are really masters behind them!

Young people's hobby of burning money can finally return to their roots.

When it comes to the various hobbies of young people, most of them are related to burning money, especially in the past two years, buying gold has surpassed photography and figurines, and has become the first money-burning hobby.

Now that the price of gold has repeatedly hit new highs, young people who used to frantically hoard gold beans and gold jewelry have finally raised their eyebrows.

Some people have made a lot of money by selling the "hard goods" they have accumulated over the years;

There are also people who go to Shuibei and Caibai to pick up low-priced gold and continue to increase their positions;

There are also people who used to be unbelievers in evil and immediately got rid of the turbulent stock fund and went to the gold store to "buy peace of mind";

Gold, which was once linked to "rustic" and "aunt selection", has become a helicopter on the road to prosperity for young people.

But the person who really caught the price of gold was not a prescient young man, nor a gold shop that sold goods to a soft hand, but a Fujian man.

In this wave of price increases, the market value of the company he is in charge has skyrocketed by more than 100 billion in two months, which is equivalent to three Dong'e Ejiao and five Chinese movies, and his personal worth has also soared.

The man who can make the most money is Chen Jinghe, the head of Zijin Mining, who is worthy of the name "China's Golden King".

Who is this man who holds a mountain of gold in his hands and makes money to the point of being soft?

has been a "wild man" for 10 years,

Turn barren mountains into mountains of gold

In China, the "richest man in XXX" has a filter, and in the early years, many big fools also used the "richest man filter" to kill all sides.

But this man, known as the "Golden King of China", has never appeared on the list of the richest people.

Although Chen Jinghe has never been the richest man, he is the man behind the richest man.

Chen Fashu, the richest man in Fujian, and Ke Xiping, the richest man in Xiamen, both obtained huge fortunes by investing in Chen Jinghe's Zijin Mining, and even became the richest man for many years.

The reason why Chen Jinghe has no chance with the richest man is probably because his fellow villagers are too good.

In Longyan, Fujian, where Chen Jinghe was born, Zhang Yiming, the founder of ByteDance, Wang Xing, the founder of Meituan, and Fang Sanwen, the founder of Xueqiu, have walked out successively.

Under the aura of the "Three Heroes of Longyan", Chen Jinghe can only be a low-key invisible boss.

Although low-key, it does not mean that Chen Jinghe is not good, looking at Chen Jinghe's resume, every item can shock everyone.

Chen Jinghe's family was poor when he was young, and he could only study while doing farm work, and in the first year of the college entrance examination, he was admitted to Fuzhou University with only more than 20 days of review.

After graduating from university, Chen Jinghe became the youngest senior engineer, but he decisively threw away his iron rice bowl and took the initiative to go to the sea to mine.

Chen Jinghe, who lost his iron job, took over a waste wood company with only 76 employees and a net profit of only 30,000 yuan, which is the predecessor of Zijin Mining, Shanghang County Mining Company.

It only took Chen Jinghe 8 years to bring Zijin Mining's total assets to 600 million yuan, and its annual revenue was as high as 400 million yuan, an increase of 200 times.

Under the leadership of Chen Jinghe, the results of the former small broken factory are quite eye-catching:

Ranked No. 1 in Forbes' 2023 list of global gold companies.

Chen Jinghe's gold reserves exceed those of CICC Gold and Shandong Gold combined.

Even when the price of gold plummeted, Zijin Mining could earn 800 million yuan a day.

But many people don't know that the man with 2,998 tons of gold in his hand pulled the first pot of gold out of the cracks in the stones.

The original Purple Mountain was actually an abandoned "waste mountain".

According to the national standard, 1 ton of ore must contain more than 3 grams of gold to have mining value, and most of the gold mines in Purple Mountain have a grade of less than 1 gram.

This means that Purple Mountain has been sentenced to "death".

But it was such an "abandoned baby" that made Chen Jinghe decisively leave his iron job bowl and go to the sea to pan for gold.

Chen Jinghe insisted that the Purple Mountain gold mine, despite its low grade, has reserves far more than the estimated 5.45 tonnes.

After making up his mind, Chen Jinghe spent nearly 10 years surveying the Purple Mountain and turning himself into a "wild man".

Chen Jinghe and his team members went out early and returned late, and every day they had to carry twenty or thirty kilograms of ore samples to the laboratory for testing.

In order to facilitate the survey, they directly moved to live in a ruined temple at an altitude of more than 800 meters above sea level in the Purple Mountain, and lived for more than two months.

Water is extremely difficult on the mountain, more than 20 people only have one bucket of water a day, and the group is as dirty as savages.

He lives in a shed with the workers during the mining, and when the wind is strong, the roof is lifted, and they only work at night to save electricity.

After several years of exploration and experimentation by Chen Jinghe, the gold reserves of Purple Mountain have increased from 5.45 tons to about 50 tons, an increase of nearly 10 times.

It is no exaggeration to say that Chen Jinghe spent 10 years digging out a golden mountain from the crack in the stone.

China's Golden King twice "gambled",

Grab meat from the mouth of a foreigner and eat it

After becoming famous in the first battle, Chen Jinghe also awakened a nirvana: turning stones into gold.

It's just that unlike the first barren mountain turned into a gold mountain, Chen Jinghe encountered "stubborn stones" that were harder than mines on the way to becoming China's golden king.

For this reason, Chen Jinghe made two bold gambles, and only then did he step by step open the small factory in the county to the world.

Refused foreign capital and blew up the mountain with 1,000 tons of explosives

People are afraid of being famous, pigs are afraid of being strong, and Chen Jinghe's story of turning stones into gold became popular in the circle, and it immediately attracted the attention of foreigners.

At that time, in order to win Zijin Mining, Australia's Xingsheng Company was tempted by heavy money while crazy PUA China's backward technology.

In the plan they give, the initial investment is as high as 12 million US dollars, and the follow-up investment can choose to contribute 40% of the funds and get 40% of the profit, or not get 20% of the profit.

They also promised Chen Jinghe a treatment that was difficult to refuse: while ensuring that he could continue to serve as the general manager, he was given an annual salary of 300,000 yuan.

You must know that Chen Jinghe's monthly salary plus bonus was less than 3,000 yuan at that time.

Faced with the temptation of high salary, Chen Jinghe still refused, he really didn't want to sell the children he raised with his own hands to foreigners.

He calculated that the plan given by foreign capital could only make a profit of 1.2 billion yuan at most, and according to his mining plan, he could make a profit of 5.9 billion yuan in the end, and if he let go, he would lose more than 4 billion yuan.

In the end, with the support of the leadership, he issued a military order, asked for 1,000 tons of explosives, opened the more than 30-meter-high wasteland layer on the top of the Purple Mountain, and improved the mining efficiency by one year.

At that time, Xingsheng Company had spent millions of yuan to hold a celebration banquet to celebrate the arrival of the Purple Mountain Mine in advance, and it is said that each of the guests present received a Montblanc gold pen with a price of nearly 10,000 yuan.

And Chen Jinghe's thousand-ton "Asia's first explosion" shattered the dream of foreign capital and preserved China's gold.

2. Refuse to eat the old book, borrow money to grab meat from the mouth of foreigners to eat

After the shocking explosion, Zijin Mining doubled its output, ranking first in the country with an annual output of 2,968 kilograms of gold.

According to the gold price of 110 yuan/gram at that time, Chen Jinghe dug out 326 million yuan of gold from Purple Mountain in one year.

At this time, Chen Jinghe can rely on this big gold mountain to eat his old book.

But the last time he was "robbed" by foreign capital, he realized that it was not a long-term solution to sit and eat, so he started a second big gamble: gambling all his net worth and going to other people's territory to grab meat to eat.

Since the acquisition is a strategy, Chen Jinghe is not a small fight, but uses all his net worth to fight.

The most classic battle was in 2015, when bulk resources entered a historical trough.

Gold fell to $1,050.8 an ounce, a five-year low, and international copper fell 25% for the year, the biggest drop in seven years.

At that time, the mining giants were in mourning, with Glencore losing $4.964 billion in fiscal 2015, Barrick losing $3.1 billion, and Rio Tinto losing $1.719 billion.

This year has been called "the most terrible bear market in the history of mining".

Chen Jinghe made a big effort to buy the bottom when others retreated, and more than a dozen foreign minerals were pocketed by Chen Jinghe, making history repeat itself.

In the following ten years, Chen Jinghe bought the bottom many times, and at the most fierce time, he spent 57.3 billion yuan a year to buy mines.

After Chen Jinghe's non-stop buying, Zijin Mining has 2,998 tons of gold resources, more than 74 million tons of copper resources, and more than 13 million tons of lithium carbonate resources, with an annual revenue of 293.404 billion yuan, three times that of CATL.

And behind this, Chen Jinghe's two bold gambles are indispensable.

Behind the 20 billion worth of money,

This killer move is worth more than gold

Some people say that Chen Jinghe can become the golden king of China by virtue of wind and luck.

Indeed, Chen Jinghe's net worth of 10 billion yuan is inseparable from capital operation, especially his actions of buying and buying large sums of money, which is extremely dangerous to step on a tightrope on the edge of the cliff.

So Chen Jinghe's success depends on just luck?

Of course not, behind Chen Jinghe's ability to always buy the bottom at a low price, there is a killer move: reverse thinking.

In fact, it is not easy for China's mining industry to enter overseas, and some data show that during the "Eleventh Five-Year Plan" period, the failure rate of overseas investment and mergers and acquisitions of Chinese mining enterprises is as high as more than 95%.

Chen Jinghe's success rate is high because almost all of his acquisitions occur at a time when others dare not make a move or wait and see.

Take, for example, Zijin's two acquisitions in Australia: Norton Gold Fields and Phoenix Gold Australia, the former in August 2012 and Phoenix Gold in June 2015.

Both operations coincided with a winter period for the global mining industry: from the end of 2012 to the end of August 2015, the total market value of the world's top 40 mining companies fell sharply from more than $1.2 trillion to less than $600 billion, and the market value evaporated by half.

At that time, everyone was shouting that the "golden age" of mining was over, but Chen Jinghe took advantage of this to buy the bottom.

This kind of courage to reverse the bottom requires not only accurate judgment of the market, but also enough hard strength to deal with external pressure.

Investment guru Charlie Munger warned the world: Thinking the other way around, always thinking the other way around, this is also Chen Jinghe's investment principle.

Others say that there are no mines on the Purple Mountain, so he prefers to go up the mountain to look for mines, and really spend ten years gambling;

Others say that this mine is a chicken rib and has no mining value, so he threw away the iron rice bowl and made it high-grade;

Others say that the mining winter is coming, so let's withdraw quickly, and he wants to make great strides forward and accelerate expansion;

Of course, Chen Jinghe dares to invest in contrarian ways, and the core underlying logic is that he is from a technical background, and behind the dare to invest, technology is the hardest confidence.

When the Purple Mountain was first mined, he proposed a heap leaching process, which was opposed by all experts.

But he didn't believe in evil, and finally used this technology to reduce the amount of investment and production costs, and created an annual processing capacity of 50,000 tons of ore with 7 million.

In recent years, Chen Jinghe, who is like a fish in water in the capital market, has not dared to relax the slightest bit to chase the wind and engage in technology.

In 2021, Zijin Mining's R&D expenses were 770 million yuan, a year-on-year increase of 33.3%, and in the first three quarters of 2022, its R&D expenses reached nearly 800 million yuan, an increase of nearly 60%.

Chen Jinghe can take Zijin Mining, from being remembered by foreign capital to reversing the harvest of foreigners, technical strength is the greatest confidence.

With the technology of constant nuggets, it is worth more than gold.

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