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Hunter Biden’s PE Firm Facilitated a Nearly $4 Billion Chinese Takeover of a US Cobalt Mine

Before Hunter Biden was an artist whose paintings sold for tens of thousands of dollars each to “anonymous” buyers, he was a businessman whose activities included private equity projects with the Red Chinese.

One such project was the Chinese takeover of a formerly US-owned and operated cobalt mine in the Democratic Republic of the Congo. Cobalt is a highly useful mineral used for numerous alloys, alternative energy projects like electric car batteries, orthopedic implants, and other things. The DRC accounts for about 70% of cobalt production.

In any case, the mine used to be owned by an American company named  Freeport-McMoRan. Then, ZeroHedge reports that it “was purchased in 2016 after Chinese mining outfit China Molybdenum announced a partnership with the Biden-founded Bohai Harvest RST (BHR) – with the Chinese contributing $2.65 billion and BHR contributing $1.14 billion to buy out a minority stakeholder, Lundin Mining of Canada.

Bohai’s funding for the mine was put up entirely by Red Chinese state-owned corporations, meaning Biden’s firm was not just doing business with the Red Chinese, but funded by CCP-owned companies.

ZeroHedge adds that:

In 2019, when Hunter controlled 10% of the firm through Washington-based Skaneateles, LLC, BHR sold its stake. As the Times notes, Chinese corporate records show Skaneateles is still part owner of BHR, however Biden attorney Chris Clark said that Hunter “no longer holds any interest, directly or indirectly, in either BHR or Skaneateles.”

According to a former BHR board member, Hunter and the other American founders were not involved in the mine deal, and the firm only earned a ‘nominal’ fee on the deal. The proceeds allegedly went towards the firm’s operating expenses, and was not distributed to its owners.

But, while that board member might claim Hunter was uninvolved in the transaction, it’s not immediately clear why Hunter’s firm would have been chosen otherwise. As the New York Times reported in its article on the transaction:

A dozen executives from companies involved in the deal, including Freeport-McMoRan and Lundin, said in interviews that they were not given a reason for BHR’s participation. Most of the executives also said they were unaware during the deal of Mr. Biden’s connection to the firm.

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Paul Conibear, Lundin’s chief executive at the time, said it was made clear that China Molybdenum was leading the transaction even though the buyer of Lundin’s stake was BHR.

I never really understood who they were,” Mr. Conibear said of BHR

So, the Canadian firm in on the deal new that BHR, Hunter Biden’s private equity firm, was involved on the deal, but never knew why; though it was one of the big buyers (remember, with money coming from Chinese SOEs), China Molybdenum took the lead. BHR was just there.

That’s similar to Hunter’s board member position for Ukrainian gas giant Burisma, where despite knowing nothing about natural gas pipelines and not speaking Ukrainian he made $850,000. Once again, he was “just there” and made a large amount of money by being there.

The difference is, this time, instead of just being there for a US ally, his presence facilitated a $3.8 billion transaction that meant a formerly American-owned cobalt mine was handed over to a CCP conglomerate. In so doing, he placed the production of a highly important resource, especially for technologies of the future like electric cars, in the hands of the CCP. And the only logical reason he was cut in on the transaction at all is that he is Joe Biden’s son…

By: Gen Z Conservative, editor of Follow me on Parler and Gettr.

Article Syndicated from Trending Politics