Chinese company with interests in Zimbabwe, Huayou Cobalt, under fire in America

By Business Reporter

Chinese new energy materials giant, Zhejiang Huayou Cobalt is under fire after an American lawmaker has asked for a review of its deal with carmaker, Ford.

The company has interests in Zimbabwe’s lithium sector, as it owns Arcadia Lithium Mine, part of its global investments in source materials, processing and manufacturing.

Republican Florida Sen. Marco Rubio is demanding the Biden administration launch investigations into a joint business venture involving Ford Motor Co. and China-based Zhejiang Huayou Cobalt Company, a report said yesterday.

Ford announced a joint business venture in March with Chinese mining company Huayou Cobalt and PT Vale Indonesia to create a nickel processing plant in Indonesia.

Rubio voiced his concerns about the national security implications of the agreement given China’s ongoing competition with America.

China is leading global electric vehicle manufacturing, while its companies are dominating source materials such as lithium.

In Zimbabwe, Huayou owns Arcadia Lithium Mine, under the name of Prospect Lithium Zimbabwe.

The growth of Chinese companies has fed into the current geopolitical war between China and the US.

Rubio said: “In light of Ford’s explicit complicity in the BRI, one of Beijing’s principle geopolitical strategies, I fear there may be individuals within the executive leadership of Ford who are subservient to the CCP [Communist Party of China] and acting as unregistered foreign agents of the PRC in their meetings and outreach to US government officials.”

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