An investment firm founded by Hunter Biden assisted a Chinese company in purchasing one of the world’s richest cobalt mines from an American company for $3.8 billion – helping the conglomerate gain a massive share of the key metal used to make electric car batteries.
The president’s son was one of three Americans who joined Chinese partners in establishing 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 culminated in aiding China Molybdenum purchase the Tenke Fungurume cobalt mine in the Congo from the American company Freeport-McMoRan in 2016, the New York Times reported.
The news comes after President Joe Biden had warned that China could use its dominance of mined cobalt to disrupt America’s development of electric vehicles.
It also adds to the scrutiny Biden and his father have faced for his dealings with Chines and Ukrainian companies while Joe was vice president and later running for president.