Hunter Biden Company Helps Chinese Company Buy One of World’s Largest Cobalt Mines – .

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Hunter Biden Company Helps Chinese Company Buy One of World’s Largest Cobalt Mines – .


An investment firm founded by Hunter Biden helped a Chinese firm buy one of the richest cobalt mines in the world from an American firm for $ 3.8 billion – helping the conglomerate to acquire a massive share of the metal wrench used to make electric car batteries.

The president’s son was one of three Americans who joined Chinese partners to create the Bohai Harvest RST Equity Investment Fund Management Company, or BHR, in 2013.

The Americans controlled 30 percent of the company and made successful investments that resulted in helping China Molybdenum buy Congo’s Tenke Fungurume cobalt mine from US company Freeport-McMoRan in 2016, The New York Times reported.

The news comes after President Joe Biden warned that China could use its dominance of mined cobalt to disrupt U.S. development of electric vehicles.

It also adds to the scrutiny Biden and his father faced for his dealings with Chinese and Ukrainian companies while Joe was vice president and later presidential candidate.

Hunter Biden (pictured November 10) was one of three U.S. founders of an investment firm owned primarily by Chinese partners. The company helped secure the world’s richest cobalt mine for a Chinese company in 2016

Biden founded BHR with two other US and Chinese partners in 2013. He was no longer on the board in April 2020

Bohai Harvest RST Equity Investment Fund Management Company, or BHR, has partnered with China Molybdenum to buy the Tenke Fungurume cobalt mine in Congo (pictured)

Bohai Harvest RST Equity Investment Fund Management Company, or BHR, has partnered with China Molybdenum to buy the Tenke Fungurume cobalt mine in Congo (pictured)

Biden's company struck a deal with Joe Biden, right, still being vice president.  Current President has warned that US production of electric vehicles could be slowed by China's dominance of cobalt, one of the key components of electric batteries

Biden’s company struck a deal with Joe Biden, right, still being vice president. Current President has warned that US production of electric vehicles could be slowed by China’s dominance of cobalt, one of the key components of electric batteries

BHR slowly entered an investment powerhouse after helping finance an Australian mining company controlled by a Chinese state-owned company, the newspaper reported.

The investment firm’s big breakthrough came in 2016 when it bought and sold a stake in CATL, a Chinese company that is now the world’s largest manufacturer of batteries for electric vehicles.

In the same year, China Molybdenum – one of the world’s leading producers of precious metals molybdenum and tungsten – announced that it would acquire the Tenke Fungurume cobalt mine from Freeport-McMoRan, a US mining company.

But to buy the mine, the Chinese company needed a partner to buy one of the shareholders, Lundin Mining of Canada.

That’s when BHR came to buy out Lundin with $ 1.14 billion fully raised from obscure Chinese state-funded companies, according to the Times.

Biden still controlled 10% of BHR when his shares in the mines were sold to China Molybdenum in 2019.

Congo's Tenke Fungurume cobalt mine is worth $ 3.8 billion and holds the largest metal deposit

Congo’s Tenke Fungurume cobalt mine is worth $ 3.8 billion and holds the largest metal deposit

The mines were purchased from the US company Freeport-McMoRan, which owns mines across the country (photo of a Freeport-McMoRan mine in Colorado)

The mines were purchased from the US company Freeport-McMoRan, which owns mines across the country (photo of a Freeport-McMoRan mine in Colorado)

Chris Clark, one of Biden’s attorneys, said the president’s son “no longer owns any interest, directly or indirectly, in BHR or Skaneateles,” a company Biden used to control its BHR shares.

Chinese records show Biden was no longer on BHR’s board as of April 2020, and a former board member told The Times that the U.S. founders were not directly involved in the mining deal and would have received only a small sum.

“We don’t know Hunter Biden, nor are we aware of his involvement in BHR,” China Molybdenum spokesperson Vincent Zhou said in a statement.

A White House spokesperson told The Times that President Biden had not been made aware of his son’s connection to the sale.

The president has often faced backlash for Biden’s dealings with Chinese and Ukrainian companies through banks, lobbies and investment firms.

The need for cobalt by U.S. businesses became even more vital after the president signed an executive order in August setting out the goal of making electric vehicles and other zero-emission vehicles make up half of new cars and trucks. sold in the United States by 2030.

The 50 percent target is non-binding and mostly symbolic, but it sets the expectations of U.S. automakers to begin the transition from building gasoline-powered vehicles to electric vehicles.

It includes battery electric vehicles, rechargeable hybrids or fuel cell electric vehicles. Biden also included the nation’s first-ever network of electric vehicle charging stations in its $ 1.2 trillion infrastructure bill.

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