Grand Theft America / Receipt money-2025-11-06-057
Trump sons take stake in Kazakh tungsten deal Trump pushed
Trump and Commerce Secretary Howard Lutnick helped a small US company win access to a major Kazakhstan tungsten reserve, and the president's sons later took an indirect stake.
What happened
On Nov. 6, 2025, Cove Capital and Kazakhstan's national mining company announced a joint venture to develop one of the world's largest undeveloped tungsten resources, with Cove controlling 70%. Reporting says Trump phoned President Tokayev and Lutnick pressed the deal, and US development-finance bodies issued letters of interest for up to $1.6B in potential financing. Within weeks, investors tied to Dominari Securities, housed in Trump Tower and partly owned by Don Jr. and Eric Trump, took a roughly 20% stake in a related entity, while a firm connected to Lutnick's sons helped raise about $210M.
Why it matters
Trump and Lutnick reportedly used official channels to secure a small US firm's access to a strategic Kazakh tungsten reserve, backed by up to $1.6B in potential US government financing; the president's sons then took an indirect ~20% stake through Dominari and Lutnick's sons' firm stood to earn fees. Family and insider enrichment flowing from an official foreign-policy intervention raises a self-dealing conflict.
Receipt details
- Sell the office
- Deal value
- $1600M
