Hunter Biden helped Chinese conglomerate buy world’s largest cobalt mine in a $3.8 billion deal. The purchase helped the Chinese company gain world’s largest deposit of precious metal used to make batteries for electric vehicles.
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- The world’s largest cobalt mine was procured by Hunter Biden’s investment company from an American firm in 2016
- Biden was one of three Americans who founded the BHR private equity firm with Chinese partners in 2013
- The firm helped buy out a minor stakeholder in the Congo’s Tenke Fungurume cobalt mine to help China Molybdenum buy it from Freeport-McMoRan
- The $3.8 billion deal helped secure China’s assertion over the precious metal, which is one of the key components of batteries used in electric vehicles
- Earlier this year, Biden had warned that the development of American electric vehicles could threaten China’s control over cobalt
An investment company founded by Hunter Biden helped a Chinese company buy one of the world’s richest cobalt mines from a US company for $ 3.8 billion – which helped the conglomerate acquire a significant portion of the precious metal used to make electric car batteries.
One of three Americans, the president’s son joined his Chinese counterparts in establishing the Bohai Harvest RST Equity Investment Fund Management Company, or BHR, in 2013.
Americans controlled 30 percent of the company and made successful investments that ultimately helped China Molybdenum buy Tenke Fungarume cobalt mine in Congo from the American company Freeport-McMoRan in 2016, reports The New York Times.
The news comes after President Joe Biden warned that China could use its mineralized cobalt power to disrupt the American development of electric vehicles.
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It also contributed to Hunter’s scrutiny and his father being the focus on his dealings with Chinese and Ukrainian companies while Joe was vice president and later vice president.
BHR gradually entered the investment industry after funding an Australian coal mining company controlled by a Chinese state-owned company, the paper reported.
The company’s biggest breakthrough came in 2016 when it bought and sold the CATL stake, a Chinese company that is now the world’s largest manufacturer of batteries in electric vehicles.
That same year, China Molybdenum – one of the world’s largest producers of precious metals molybdenum and tungsten – announced its intention to buy the Tenke Fungarume cobalt mine from Freeport-McMoRan, an American mining company.
The Lundin Mining of Canada needed to be bought out by the Chinese company along with a partner so that they could move onto to acquire the mine.
That’s when BHR entered the picture to buy out Lundin with $1.14 billion raised completely from obscure Chinese state-backed companies, reported the Times.
Biden still held 10% of BHR while its shares of the mines were purchased by China Molybdenum in 2019.
Chris Clark, one of Biden’s attorneys, said the president’s son was “no longer interested, directly or indirectly, in the BHR or Skaneateles,” a company Biden used to control its BHR shares.
Chinese records show that Biden has been absent from the BHR board since April 2020, and a former board member told the Times that American founders were not directly involved in the mining agreement and allegedly only received nominal money from it.
‘We don’t know Hunter Biden, nor are we aware of his involvement in BHR,’ Vincent Zhou, a spokesman for China Molybdenum, said in a statement.
President Biden still has not been made aware of his son’s involvement in the sale, claims a White House spokesperson.
The president is not a stranger to receiving backlash for his son’s dealings with Chinese and Ukrainian firms through banks, lobbies and investment firms.
The demand for cobalt by American companies has been made even more significant after the president signed an order to the executive council in August outlining the intention that electric vehicles and other zero-emission vehicles become half of entire array of new cars and trucks sold in the US by 2030.
The 50 percent target is neither binding and predominantly symbolic, but it does set expectations for U.S. automakers to initiate a transition from building gas-powered vehicles to electric vehicles.
This includes battery power, plug-in hybrid electric, or electric vehicles for fuel cells. Biden also included the first national network of electric car charging stations in his $ 1.2 trillion infrastructure bill.
The coup in Myanmar led to huge internal arguments in the White House which inturn revealed the existence of a strong connection between the Chinese Communist Party (CCP) and Bidens Adviser Team and how China used Harvard University as Joe Biden’s honeypot.
As a direct result of the elaborate influence operation China managed to steal America’s nuclear secrets.
As part of the operation, Joe Biden also blocked the sale of Russian Cryogenic rocket engine technology to India describing it as being “dangerous”.
Meanwhile, according to a top secret cable, the CIA is worried about its agents being captured and killed in the dozens overseas. The warning notes that spies have been tracked in countries such as Iran and China and turned into double agents.
Meanwhile, according to sensitive US intelligence reports reviewed by former and current officials America’s spying operation in China is going to be harder under Xi Jinping .
As per the reports, a lack of intelligence on inner circle of Chinese President Xi Jinping has become frustrating for Biden administration officials as they are finding it hard to get an idea about the next step of Beijing.