Hunter Biden’s investment firm helped broker a 2016 deal that gave a Chinese state-backed company control of a massive African mine rich in cobalt — a mineral essential for the production of electric car batteries.
The deal would be boosted by President Biden’s $2 trillion social spending plan, which earmarks billions of dollars to promote electric vehicles.
In 2016, an investment firm founded by Hunter Biden with several Chinese partners was cut into a complex $3.8 billion transaction that transferred 80 percent of Congo’s Tenke Fungurum mine from an American company to Beijing-backed China Molybdenum.
Joe Biden was vice president when the deal was struck.
The mine is one of the world’s largest sources of cobalt — and China’s control of the mineral “presents a critical vulnerability to the future of the U.S. domestic auto industry,” Biden’s White House reported in June.
A White House spokesman said that Joe Biden had no knowledge of his son’s involvement with the sale, the New York Times reported.
Fox News explained it was Hunter Biden’s Bohai Harvest RST Equity Investment Fund Management Company that worked with other Americans and some Chinese partners.
The American members controlled 30 percent of the Shanghai-based operation and served on the board, the report said.
“The company notably completed a deal in 2016 that saw a Congo cobalt and copper mine transfer from American company Freeport-McMoRan to Chinese outfit China Molybdenum for the sum of $2.65 billion,”