The NYT reported that in 2013, Hunter Biden, along with two other U.S. citizens, participated in the creation of the BHR company, registered in Shanghai.
An investment firm associated with the son of the current U.S. President Joe Biden Hunter, in 2016, facilitated the purchase by a Chinese company of a cobalt mine in the Democratic Republic of the Congo (DRC). As The New York Times reported, Hunter Biden’s involvement in the deal attracted attention amid efforts by the U.S. administration to increase the production of electric vehicles, which requires this metal.
The publication, citing data from Chinese regulators, reports that in 2013, Hunter Biden, along with two other U.S. citizens, participated in the creation of BHR, a company registered in Shanghai. They received a 30% stake in the company, which is 70% owned or controlled by Chinese investors, including the Bank of China.
In 2016, BHR participated in the acquisition by the Chinese company China Molybdenum of the Tenke-Fungurume mine in the DRC from the American Freeport – McMoRan. In particular, BHR was engaged in raising funds for the purchase of securities from a minority shareholder – the Canadian firm Lundin Mining.
According to the newspaper, the firm, whose board included Biden’s son, managed to attract $1.14 billion for this purpose. As a result of the transaction, China Molybdenum received about 80% of the shares of one of the world’s largest cobalt mines. The representative of the White House responded negatively to a question from journalists of the publication about whether the current American leader knows about a deal involving a company associated with his son.