Hunter Biden’s investment firm helped negotiate a deal in 2016 that gave a Chinese state-backed company control of a massive African mine rich in cobalt, a mineral essential for the production of car batteries. electric.
The deal, first reported by the Washington Free Beacon during the 2020 presidential campaign, was highlighted by the New York Times on Saturday as Congress draws closer to approval of the 2 Trillion dollars from President Biden, who is spending billions of dollars promoting electric vehicles.
In 2016, an investment company founded by Hunter Biden with several Chinese partners was involved in a complex $ 3.8 billion transaction that transferred 80% of the Tenke Fungurum mine in Congo from a US company to China. Molybdenum, supported by Beijing.
President Joe Biden, Hunter Biden’s father, was the sitting vice president when the deal was struck.
The mine is one of the world’s largest sources of cobalt – and China’s control over the ore “presents a critical vulnerability to the future of the US auto industry,” Biden’s White House reported in June. .
A White House spokesperson said Joe Biden had no knowledge of his son’s involvement in the sale, The Times reported.