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Trump sons take stake in Kazakh tungsten deal Trump pushed
Trump and Commerce Secretary Howard Lutnick helped Cove Capital win control of one of the world’s largest undeveloped tungsten reserves, in Kazakhstan, backed by letters of interest for up to $1.6 billion in U.S. government financing. Within weeks, investors tied to a brokerage part-owned by Donald Trump Jr. and Eric Trump took about a 20% stake in a related entity.
What happened
On September 22, 2025, Kazakhstan’s president told Trump he planned to grant tungsten mining rights to an American company. In August 2025 Donald Trump Jr. and Eric Trump had bought into Skyline Builders Group, a company acquired by Dominari Securities, a Trump Tower brokerage they part-own.
On October 28, 2025, a week after Bloomberg reported the pending deal, the brothers put nearly $24 million more into Skyline. Three days later Skyline paid $20 million for 20% of Kaz Resources, a Cove Capital subsidiary.
On November 6, 2025, at a White House summit, Cove Capital and Kazakhstan’s national mining company announced a joint venture to develop two tungsten deposits, with Cove holding 70%. Cove’s CEO said Trump and Commerce Secretary Howard Lutnick personally helped negotiate it. The Export-Import Bank issued a letter of interest for up to $900 million and the Development Finance Corporation for up to $700 million.
Cantor Fitzgerald, run by Lutnick’s sons, helped an investor raise $210 million. In April 2026 Skyline merged with Cove Kaz to form Kaz Resources Inc., which in May asked the Pentagon for another $400 million, bringing federal support sought to nearly $2 billion.
Who benefited
Cove Capital won 70% of one of the world’s largest undeveloped tungsten resources. The president’s sons’ Skyline shares became a stake in the merged mining company. Cantor Fitzgerald, run by the Commerce Secretary’s sons, stood to earn fees on the $210 million raise.
Who wanted something
Cove Capital was a small firm that needed government backing to secure the reserve and up to $1.6 billion in U.S. financing. Kazakhstan’s government wanted the asset out of Chinese hands and a closer tie to Washington.
Who lost out
EXIM and DFC, which lend public money, signaled up to $1.6 billion for a project the president’s sons and the Commerce Secretary’s sons stand to profit from. The company has since asked the Pentagon for $400 million more. None of the money is confirmed as disbursed.
Why it matters
The president and his Commerce Secretary used official channels to win a foreign mining concession for a small U.S. company. The president’s sons bought into it days before the announcement, and the Secretary’s sons’ firm raised money for it. Nearly $2 billion in public financing is being sought.
Sources Sen. Elizabeth Warren, Senate Banking Committee (primary)Associated Press (via Yahoo)Orda.kzbne IntelliNews