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Sunday, December 5, 2021

Hunter Biden linked investment firm ‘helped’ Chinese buy cobalt mine

However, the company reportedly ran into serious trouble in 2012, following a disastrous investment in oil. As a result, it was desperate to sell its stake in the Tenke Fungurume mine.

BHR facilitated the transaction in 2016 and two years later it also sold its stake in Lundin Mining of Canada to the Chinese.

According to the New York Times, the Chinese were the only viable bidders for the mine.

The deals came against a backdrop of the decades of US support for the government of the DRC and its predecessor, Zaire, to strengthen its links with a country that produces two-thirds of the world’s cobalt.

But in recent years China – described as a competitor by President Biden – has sought to dominate the world market in cobalt and other key materials such as lithium needed for the “green energy” revolution.

China strengthened its grip on the mines as the Obama and Trump administrations watched but failed to act while Beijing gained control of minerals with Washington seemed critical “to the nation’s security and economic prosperity.”

Chris Clark, Hunter Biden’s lawyer, told the New York Times that he no longer holds a direct or indirect stake in BHR.

White House press secretary, Jen Psaki, added that Mr Biden was trying to unwind his investment.

The Telegraph has approached Hunter Biden’s lawyers and the White House for further comment. 

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