The five biggest Chinese mining companies in Congo that focus on cobalt and copper mining also had lines of credit from Chinese state-backed banks totaling $124 billion.
One of the government-backed companies, China Molybdenum, which bought the two American-owned reserves, described itself to The Times as “a pure business entity” traded on two stock exchanges. Records show 25 percent of the company is owned by a local government in China.
Congolese officials accuse Chinese mining companies of cheating the country of promised revenues and improvements.
The Congolese are reviewing past mining contracts with financial help from the American government, part of a broader anti-corruption effort. They are also examining whether Chinese promises to build roads, schools, hospitals and other infrastructure were kept.
Separately, Chinese Molybdenum is being accused of withholding payments to the government at its Tenke Fungurume cobalt and copper mine. The company said it had done nothing wrong, and questioned if there was an organized effort to undermine it.
China has an idiom that goes something like: “Where there is a will to condemn, evidence will follow,” a spokesman said. “Vaguely I feel that we may be caught in the gaming of greater powers.”
The purchase by the Chinese of an American-owned mine was facilitated by a firm with Hunter Biden on the board.
Tenke Fungurume, one of the biggest cobalt mines in the world, was controlled by an American company, Freeport-McMoRan. Then it was sold in 2016 in a series of transactions worth $3.8 billion to China Molybdenum. The sale was aided by a Chinese private equity firm that bought out a minority owner in the mine.
Understand U.S.-China Relations
Card 1 of 6A tense era in U.S.-China ties. The two powers are profoundly at odds as they jockey for influence beyond their own shores, compete in technology and maneuver for military advantages. Here’s what to know about the main fronts in U.S.-China relations:
Pacific dominance. As China has built up its military presence, the U.S. has sought to widen its alliances in the region. A major potential flash point is Taiwan, the democratic island that the Communist Party regards as Chinese territory. Should the U.S. intervene there, it could reshape the regional order.
Trade. The trade war started by the Trump administration is technically on pause. But the Biden administration has continued to protest China’s economic policies and impose tariffs on Chinese goods, signaling no thaw in trade relations.
Technology. Internet giants have mostly been shut out of China, but plenty of U.S. tech companies still do big business there, raising cybersecurity concerns in Washington. Mr. Xi has said China needs to achieve technological “self-reliance.”
Human rights. Under Mr. Xi, China’s confrontations with the U.S. over values and freedoms have become more frequent, including standoffs over Beijing’s crackdown on pro-democracy protests in Hong Kong and mass detentions of Muslims in Xinjiang.
World leadership. China’s leaders see signs of American decline everywhere and they want a bigger voice in global leadership, seeking a greater role in Western-dominated institutions and courting allies that share their frustration with the West.
A founding board member of the private equity firm was Hunter Biden, son of the American president. A Washington company that had been controlled by Mr. Biden remains a shareholder in the firm, according to Chinese financial documents. Chris Clark, a lawyer for Mr. Biden, said his client “no longer holds any interest, directly or indirectly,” in the Washington and Chinese firms. Filings in China show he is no longer a board member of the Chinese firm. Mr. Biden did not respond to requests for comment.