(RepublicanReport.org) – President Joe Biden’s son Hunter has become a major public relations issue for the White House. Throughout the Biden presidency, evidence of Hunter’s misdeeds and questionable business relationships has continued to pop up in the media. A recent New York Times report has lifted the lid on the younger Biden’s role in helping Chinese business interests secure the purchase of a massive cobalt mine.
Hunter Biden & BHR
Along with Chinese and American business partners, Hunter Biden set up an Equity Investment Fund Management Company in 2013 by the name of Bohai Harvest RST (Shanghai). Biden and the two other Americans involved collectively held a 30% stake in the company, which was more commonly known as BHR. All three served on the board of directors as well. Chinese investors, including the Bank of China, accounted for the remainder of the company’s ownership.
The private equity firm made its money by flipping investment purchases. In 2016, it entered a partnership with China Molybdenum, a Chinese mining company. BHR paid $1.14 billion to acquire a minority share in a cobalt and copper mine in the Congo alongside China’s Molybdenum. Evidence shows that this money came to BHR from companies with Chinese government backing. BHR later sold its share of the mine to China Molybdenum under the terms of their initial contract, giving the Chinese company an 80% stake in the mine. The pair initially bought the mine from Freeport-McMoRan, an American company.
This all took place as Joe Biden was nearing the end of his term as vice president in the Obama administration. Five years on, Joe Biden is the US president, and his administration is keen to get as many people as possible driving electric vehicles. Cobalt and copper are crucial components in the batteries used by these vehicles, and China is currently the world leader in manufacturing those batteries.
Hunter Biden remained on the board of BHR until April 2020, according to Chinese records. His father became the Democratic presidential nominee in August of that year.
President Biden’s Environmental Agenda
Some critics have said this is a troubling revelation given President Biden’s insistence on a move to electric vehicles. Had his son not helped a Chinese company acquire a massive cobalt and copper mine, might the US be better positioned to provide electric cars for its own citizens? As it stands, we’re at a tremendous competitive disadvantage to China in that regard.
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