Hunter Biden is reportedly the founder of an investment firm that helped China purchase one of the most lucrative cobalt mines in the world from a U.S company. Biden founded the company Bohai Harvest Equity Investment Fund Management Company in 2013 with two Americans and some Chinese officials. The board was comprised of 30% U.S members who controlled the Shanghai-based company.
The company completed a deal in 2016 that saw Congo cobalt- and copper mines transferred from the U.S company Freeport-McMoRan into Chinese outfit China Molybdenum. The transaction was worth $2.65 billion.
BHR was a minority shareholder in the purchase of approximately $1.14 billion of shares by Lundin Mining of Canada. Lundin Mining owned a small portion of the Congo mine. Biden owned 10 percent of BHR via Skaneateles LLC, even though his lawyer stated that he no longer has any interest in BHR or Skaneateles.
Chinese business records in April 2021 found that Hunter Biden still holds a 10% share in Bohai HarvestrST Equity Investment Management Co. via Hunter’s company Skaneateles LLC.
Psaki stated that he was working to unwind his investment and that he would refer news sources to his lawyers outside for any updates. Another former member of the board claimed that the money from the deal, which owners weren’t involved in, went to operating funds and was not distributed among the owners.
Vincent Zhou, a spokesperson for China Molybdenum said that they don’t know Hunter Biden” and was unaware of his involvement in BHR.
The media continues to be closely monitoring Biden’s business relationships, especially his activities in China. President Biden warned of China’s increasing dominance in cobalt, which could be a major obstacle to America’s efforts to shift from petrol gas to electric vehicles. Cobalt is an essential ingredient in electric car batteries.