ICYMI: Sununu Owns Stock Worth up to $5 Million in Mining Company Exporting a Critical Mineral to China

ICYMI: Sununu Owns Stock Worth up to $5 Million in Mining Company Exporting a Critical Mineral to China

In Case You Missed It, new reporting from E&E News shows U.S. Senate candidate John Sununu owns stock “worth up to $5 million” in an Azerbaijan-based mining company that is exporting a critical mineral to China, despite serious national security concerns.

Sununu owns a “personal stake” in Anglo Asian Mining through Sununu Holdings, its second-largest shareholder, while his father and brother serve on the company’s board, creating a conflict of interest on a key national security issue.

A global minerals race that’s pitting the U.S. against China is also fueling tense debate in a highly competitive congressional campaign that could determine who controls the Senate next year.
[...] Sununu is facing a delicate balancing act given his connections to Anglo Asian Mining, a London-listed company whose assets and operations are primarily in Azerbaijan, historically focused on gold but increasingly focused on copper, according to the firm’s most recent annual report.
Sununu — part of the storied Sununu political family — reported a personal stake in the New Hampshire-based investment company Sununu Holdings LLC in a financial disclosure report filed on May 11.
That holding company is the second-largest shareholder — with an 8 percent stake — of Anglo Asian Mining. The financial disclosure also lists Sununu’s personal holding of stock in Anglo Asian Mining as worth up to $5 million.
[...] But as the Sununu family’s fortunes show, it’s been difficult for the U.S. and other nations to reduce their reliance on China for minerals essential in defense, energy and other technologies.
Anglo Asian Mining produces gold, copper and silver in Azerbaijan. Sununu’s father, former New Hampshire Gov. John H. Sununu, and his brother, Michael Sununu, are nonexecutive directors at the mining firm. The latter is the founder and manager of Sununu Holdings.
Anglo Asian last year inked an agreement for global commodity trader Trafigura to take copper ore from its operations in Azerbaijan and transport it to international markets for processing — including China.
Anglo Asian also recently ramped up production at an open-pit copper-molybdenum mine and processing plant in southwestern Azerbaijan. Some ore from the mine, which will operate through 2030, is heading to China.
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