Hunter Biden raked in the cash as he assisted communist China in its pursuit of controlling the supply of cobalt after his father, Joe Biden, had publicly warned that America's electric car development could be threatened by China's control of the precious resource, reports say.
According to mining.com, the Democratic Republic of the Congo (DRC) holds 51 percent of the world’s cobalt, which is needed for the production of battery-powered vehicles.
“We risked losing our edge as a nation, and China and the rest of the world are catching up,” Biden said earlier this month about the control of cobalt.
The New York Times reported that, in recent years, American elites have allowed, and even enabled, Chinese-backed companies to buy two of the largest cobalt deposits in DRC over the past five years.
One of those elites was reportedly Hunter Biden.
“When asked if the president had been made aware of his son’s connection to the sale, a White House spokesman said, ‘No.’” according to the New York Times report.
One of the Chinese-backed companies which purchased the cobalt mines is a private equity firm registered in Shanghai which Hunter Biden reportedly owned a stake in along with business partners Eric Schwerin and John Kerry’s stepson, Christopher Heinz. Kerry is currently Team Biden’s climate envoy.
As Breitbart News reported: Hunter, Heinz, and Schwerin “joined Chinese partners in establishing the firm in 2013, known as BHR and formally named Bohai Harvest RST (Shanghai) Equity Investment Fund Management Company,” the Times reported.
Hunter, Heinz, and Schwerin reportedly owned 30 percent of the BHR while 70 percent of BHR was “controlled by Chinese investors that include the Bank of China, according to records filed with Chinese regulators.”
It should be noted the Bank of China possesses close ties to the Chinese Communist Party.
Just after then-Vice President Biden left office with Barack Obama in 2016, Hunter, Heinz, Schwerin, and Bank of China successfully “bought and later sold a stake in CATL, a fast-growing Chinese company that is now the world’s biggest maker of batteries for electric vehicles.”
Through a complex web of transactions via shell companies, Hunter’s company, BHR, was reportedly a part of the purchase of Freeport-McMoRan with China Molybdenum, by raising money from Chinese investors to purchase ownership shares in the mine.
The transactions concluded with China Molybdenum owning 80 percent of the mine — a classic tale of the elites benefiting from the United States’ managed decline.
Hunter’s company reportedly obtained a ten percent share in the mine, which he sold to China Molybdenum from a Washington company named Skaneateles — which he also owns a stake in.
"Hunter’s business dealings have likely come at the expense of the United States. Instead of working to keep the United States in control of mines and natural resources across the globe, Hunter presumably divested the United States of energy resources by peddling his government connections," Breitbart's Wendell Husebø noted.
A Senate report on Hunter Biden’s activities said BHR “was eventually formed as an investment fund and is reportedly ‘controlled and funded primarily by large Chinese government-owned shareholders’ and is 80% controlled by Chinese entities.”
Can't Make This Up: Hunter Biden firm helped Chinese company secure $3.8B cobalt mines - Earlier this year, his father, President Joe Biden, warned that America's electric car development could be threatened by China's control over cobalt https://t.co/KvjytL153I
— Jon Najarian (@jonnajarian) November 21, 2021
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