An investment company with & nbsp; to which the son of the US President Hunter Biden was associated helped a Chinese company buy one of the & nbsp; largest cobalt mines in the & nbsp; world, reports The News York Times.
The deposit is located in the & nbsp; Democratic Republic of Congo. The deal was closed in & nbsp; 2016. The buyer was China Molybdenum, it bought out a stake in the & nbsp; Tenke Fungurume deposit from the & nbsp; American Freeport-McMoRan for & nbsp; $ 2.65 billion
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China Molybdenum's partner was Bohai Harvest RST (Shanghai) Equity Investment Fund Management Company (BHR, registered in Shanghai). Her & nbsp; together with & nbsp; Chinese partners founded in & nbsp; 2013 by Hunter Biden and & nbsp; two more Americans. Three US citizens were on the & nbsp; Board of Directors and & nbsp; controlled 30% of BHR, the newspaper notes.
For & nbsp; purchase of a mine in DR Congo, China Molybdenum contributed about & nbsp; $ 700 & nbsp; million, the remaining amount was raised by BHR.
Even before the & nbsp; purchase of the mine, BHR entered into an agreement with & nbsp; China Molybdenum about & nbsp; the latter being able to buy out its & nbsp; share in the & nbsp; deposit. China Molybdenum exercised this right two years later and & nbsp; its share increased to & nbsp; 80%. At this time, Hunter Biden controlled 10% of BHR through & nbsp; Washington-based Skaneateles.
A former BHR board member told the NYT that & nbsp; Biden, like & nbsp; other Americans in & nbsp; & nbsp; management, is not & nbsp; participated in the & nbsp; transaction for the & nbsp; purchase and & nbsp; sale of the mine. Biden's lawyer said that & nbsp; his client did not & nbsp; have any ties with & nbsp; Skaneateles, nor & nbsp; with & nbsp; BHR, NYT writes.