Hunter’s cobalt deal with China collides with his father’s electric car push

Presidential son Hunter Biden’s most recent controversy – helping a Chinese company buy a large cobalt mine – is directly linked to a policy of the Biden administration to promote electric vehicles.

Cobalt, a relatively rare and expensive mineral, is an essential part of the batteries used to power electric automobiles. The COVID-19 pandemic has also raised awareness among U.S. officials and the public about Communist China’s control over the supply chain for drugs and other commodities.

The young Biden, 51, is a former partner of Chinese company Bohai Harvest RST, known as BHR, and is said to remain a stakeholder there.

The New York Times first reported this weekend that BHR facilitated the $ 2.65 billion purchase by mining company China Molybdenum of a cobalt and copper mine from an American company, Freeport- McMoRan.

>>> “Investing in Joe”: How Hunter Biden’s Financial Deals Extend Beyond Ukraine

Republicans in Congress have already inquired about Hunter Biden’s art offerings.

Representative Ken Buck, R-Colo., At an October hearing by the House Judiciary Committee, asked Attorney General Merrick Garland to appoint a special prosecutor to investigate Hunter Biden’s trade deals. Garland replied that he would take it “under advisement”.

“I have asked Attorney General Garland to appoint a special advocate to investigate Hunter Biden’s corrupt business relationship. This new report shows exactly why it’s necessary, ”Buck told the Daily Signal in a statement Tuesday.

The new revelation only adds to existing concerns about young Biden’s use of his father’s post, first as vice president and then as president, a spokesperson for the committee members said. of the GOP.

“More and more evidence continues to accumulate revealing that Hunter Biden’s business dealings and new career as an artist pose national security risks and conflicts of interest,” she said. told the Daily Signal, adding:

The last news [that] he helped a Chinese company buy one of the world’s largest cobalt mines is another example of Hunter Biden using his influence to line his pockets and aid a foreign adversary. Oversight of Hunter Biden’s ethics and questionable transactions that undermine our national security will continue to be a top priority for oversight. [Committee] republicans.

The committee’s ranking Republican, Representative James Comer, R-Ky., Tweeted: “By helping Chinese companies extract rare minerals in Congo, Hunter Biden is helping Communist China to corner the market for electric vehicles which @POTUS subsidizes here at home.

Comer added: “Hunter Biden is a THREAT TO NATIONAL SECURITY.”

President Joe Biden backed the $ 2 trillion energy and social spending bill passed by the House on Friday, which includes $ 320 billion in tax subsidies for electric vehicles, solar power and wind turbines. This amount includes a tax deduction of $ 4,500 for Americans who purchase electric vehicles.

Hunter Biden’s international business interests have long been a publicity headache for his father, dating back to the eldest Biden 36 years in the US Senate and eight years as vice president.

The Delaware attorney’s office continues to investigate Hunter Biden on tax matters.

Republicans are in the minority in both houses of Congress and have no subpoena power. However, GOP members regularly write investigative letters to the White House and federal agencies.

The Times reported that the cobalt mine, located in the Democratic Republic of the Congo, is “one of the richest cobalt mines in the world”. BHR, which is affiliated with the younger Biden, helped close the 2016 sale of the cobalt mine by Freeport-McMoRan to China Molybdenum, the Times reported.

The White House did not respond to the Daily Signal’s investigation on Tuesday for this story.

The New York Times reported that a White House spokesman replied “No” when asked if the president was aware of his son’s connection to the sale of the cobalt mine.

Hunter Biden and two other Americans sat on BHR’s board and controlled 30% of the private equity firm. Chinese investors, including the Bank of China, controlled the rest.

On December 4, 2013, Hunter Biden flew Air Force Two to China with his father, then vice president. Elder Biden met with Chinese President Xi Jinping. Young Biden met his BHR business partner, Jonathan Li, and arranged a meeting between Li and his father.

BHR bought $ 1.14 billion in shares of Canadian company Lundin Mining Corp., which owned part of the cobalt mine in Congo. China Molybdenum bought BHR’s shares in the mine two years later, the Times reported.

As a result, China now owns 80% of the cobalt mine and the Congo state mining company owns the rest. When BHR sold its stake in 2019, Hunter Biden controlled 10% of BHR through Skaneateles LLC, based in Washington, DC.

Hunter Biden’s attorney, Chris Clark, did not respond to a Daily Signal investigation. Clark told The Times that his client “no longer has any interest, directly or indirectly, in BHR or Skaneateles.”

However, Fox News reported in April that business records showed the president’s son continued to hold a 10% stake in BHR.

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