Biden Awards Mining Contract To China-Backed Company

Biden Awards Mining Contract To China-Backed Company

Biden Awards Mining Contract To China-Backed Company

Does NO ONE at the Biden White House actually do any research on companies, or do they only check mailing addresses?

Joe Biden was on his fake White House set yesterday promoting “A Future Made In America,” which was supposed to showcase federal dollars being handed out to domestic companies to boost the supply chain. Well, apparently no one at either the White House or the Pentagon did their homework.

President Joe Biden announced at the event that the Pentagon would award $35 million to the Las Vegas-based MP Materials in an effort to boost U.S. rare mineral production. But MP Materials has arguably allowed China to tighten its grip on the world’s rare earth minerals supply chain. Shenghe Resources Holding, which is partially owned by the Chinese government, owns 8 percent of the company. Shenge spearheaded the deal in 2017 to help MP Materials purchase a mine at Mountain Pass, Calif., out of bankruptcy. The Chinese company is also MP Materials’s largest customer, accounting for nearly all of its $100 million annual revenue.”

MP Materials’s links to China have long concerned American officials. The Department of Energy warned its scientists in 2020 not to collaborate with MP Materials executives because of China’s links to the company, Reuters reported.”

“Clearly, the MP Materials ownership structure is an issue,” Tom Lograsso, an official with the Department of Energy’s Critical Materials Institute, told Reuters.”

The Pentagon award will subsidize MP Materials’s production of heavy rare earth minerals at its mine at Mountain Pass. The minerals are used to produce high-powered magnets used in electric vehicle motors, wind turbines, and defense systems.”

MP Materials, for its part, has hyped themselves up as a “domestic” company while also acknowledging that all their current refining and magnet making happens in China. They secured a deal with General Motors to make magnets in a new Texas facility, but that won’t actually start producing anything until NEXT year. In the meantime, all the raw minerals are still headed to China.

Eight percent doesn’t seem like a lot, but what’s eight percent of $35 million? Well, it’s a lot less than Hunter Biden’s 10 percent stake in BHR Equity Investment Fund Management Company, which managed $2.1 billion and is co-owned by the Bank of China – a stake which Hunter’s lawyer claims he has given up, but won’t say how, when, or how much Hunter walked away with after divestment. I digress, but the comparison might make “The Big Guy” think that eight percent of $35 million isn’t THAT big of a deal. At least until you consider the rest of the story, which is how China is trying to corner the market on rare earth minerals, even working toward a deal with the Taliban in order to get to the minerals of Afghanistan.

So the Biden administration is allowing the Pentagon to spend money on a company who is partially owned by, and definitely sells rare earth materials to, China. WHAT COULD POSSIBLY GO WRONG.

You know, other than the fact that President Brandon barely knows which end is up or what Jennifer Granholm’s job is in his administration.

Also, “my governor”? She was once governor of Michigan, not Delaware. Whatever, they’re practically the same state, right?

No, Biden isn’t sitting in the fake White House set, deciding which company gets money from which part of the federal government. That’s the job of the bureaucrats. What Biden DOES do is get sent out to the stage to play the music and light the lights about just how GENEROUSLY his administration is investing in the domestic supply chain. And when he does that, then I don’t care if he’s just reading the script off the teleprompter and has no idea where he actually is. But the problem is, the senile old man doesn’t know what is going on, and the ones pulling the strings aren’t stepping forward to answer questions, either.

So eventually, China gets a cut of American taxpayer dollars because of their investment practices, and they continue to work on controlling the rare earth mineral market worldwide. Let’s go, Brandon!

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  • Humility says:

    Regulated into poverty by Democrats, bailed out by China, and now awarded a contract to send raw materials to China to refine. What was “The Big Guys” cut?

  • Milwaukee says:

    In addition to material resources, the Chinese also get access to the technological insights. Not good.
    The finished product may be more easily diverted towards China.
    Say, whatever happened to are the uranium Secretary of State Clinton allowed to be sold in the Uranium One deal?
    I’m one who suspects the Russian Collision nonsense was partially fueled by a desire to divert attention away from Clinton.

  • Oldfogey says:

    It’s all a question of when Xi feels his has gotten his $1.5 billion worth from the Biden’s.

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