Hunter Biden Helps CCP Company Acquire Cobalt Mine in Congo

【Japan Himalaya League】 Author: Haixing  Translator: Ranting

On Nov. 20, the New York Times revealed that a company owned by Hunter Biden, son of U.S. President Joe Biden, assisted a CCP company in acquiring a cobalt mine in Congo in 2016.

An article published in the New York Times on Nov. 20 revealed that Hunter Biden, the son of U.S. President Joe Biden, was involved in setting up a company that helped a CCP company acquire a 1,500-square-kilometer cobalt vein in the Democratic Republic of Congo in 2016, according to the Liberty Times.

According to the report, Hunter established Bohai Huamei (Shanghai) Equity Investment Fund Management Co(BHR). The three Americans hold 30 percent of the shares and all serve as directors; the remaining shares are held or controlled by Chinese investors such as Bank of China.

In 2016, China Molybdenum wanted to buy U.S. copper and gold company Freeport-McMoRan’s stake in the Tenke Fungurume cobalt mine in Congo for $2.65 billion. However, the terms stipulate that Canadian mining company Lundin Mining has the right of first refusal if the U.S. company intends to sell its stake.

Image source: Reuters

As a result, Luoyang Molybdenum reached an agreement with Hunter’s BHR to first acquire Lundin Mining’s shares at a cost of US$1.14 billion from BHR, after which Luoyang Molybdenum will buy back its shares from BHR in 2019. At this point, Luoyang Molybdenum already holds an 80% stake in the Tenke Fungurume cobalt mine.

The report further revealed that all the funds for BHR’s acquisition came from CCP companies, and that Luoyang Molybdenum raised all the money from hidden companies such as offshore companies owned by China Construction Bank, in addition to $700 million in financing from state-run banks such as China Construction Bank.

It is said that cobalt is a key component of batteries used in electric vehicles, and it is estimated that 67% of the earth’s cobalt reserves are located in the Democratic Republic of Congo.

Previously, the U.S. government had warned that the Chinese Communist Party was increasingly dominating cobalt and could use it to disrupt the U.S. auto industry’s plans to replace mechanical equipment and increase resistance to the development of electric vehicles in the United States.

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Posted by: Ranting

Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.

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