Trump sons' minority stake in Kazakhstan tungsten deal raises conflict questions as U.S. agencies back up to $1.6 billion
WASHINGTON, July 30. Up to $1.6 billion in U.S. government financing is backing a Kazakhstan tungsten mining deal that has drawn scrutiny because Donald Trump Jr. and Eric Trump hold a minority interest in a company positioned to benefit from it. A Chicago securities attorney said critics face a "proof problem" establishing wrongdoing, given that the brothers invested as private citizens with no legal duty to disclose their holdings.
Key takeaways
- Up to $1.6 billion in U.S. government financing from the Export-Import Bank and the U.S. International Development Finance Corporation is backing a Kazakhstan tungsten mining deal.
- Donald Trump Jr. and Eric Trump hold a minority interest in Skyline Builders, a company positioned to benefit from the deal, having bought in through a Dominari Securities vehicle in August 2025.
- On Nov. 6, 2025, Kazakhstan President Kassym-Jomart Tokayev announced awarding a tungsten mining contract to the United States, with Cove Kaz Capital named to lead the mining work.
- Skyline Builders completed a reverse merger with Cove Kaz Capital to form Kaz Resources (NASDAQ: KAZR), in which Skyline holds a 20% stake after a $20 million investment.
- The Trump Organization and the White House denied any conflicts of interest, and a securities attorney said proving wrongdoing would be difficult.
WASHINGTON, July 30. Up to $1.6 billion in U.S. government financing is backing a Kazakhstan tungsten mining deal that has drawn scrutiny because Donald Trump Jr. and Eric Trump hold a minority interest in a company positioned to benefit from it. A Chicago securities attorney said critics face a "proof problem" establishing wrongdoing, given that the brothers invested as private citizens with no legal duty to disclose their holdings.
How the ownership chain formed
Between 2023 and 2024, U.S.-based Cove Capital negotiated a 70% share in Kazakhstan's state-owned tungsten mining deposits through its affiliate, Cove Kaz Capital Group. In August 2025, through an investment vehicle created by Dominari Securities, housed in Trump Tower in New York, the Trump brothers bought a minority interest in Skyline Builders, then publicly traded on the NASDAQ under the ticker SKBL.
Around the same time, Cantor Fitzgerald, founded by Commerce Secretary Howard Lutnick and now run by his sons Brandon and Kyle Lutnick, underwrote a $46.8 million loan to ASP Isotopes, a company owned by businessman Paul Mann. ASP Isotopes owns a subsidiary that acquired voting control of Skyline Builders.
The government deal and current structure
On Nov. 6, 2025, Kazakhstan President Kassym-Jomart Tokayev met with President Trump and announced the country was awarding a tungsten mining contract to the United States. The Export-Import Bank and the U.S. International Development Finance Corporation issued letters of interest for up to $1.6 billion in combined financing. Cove Kaz Capital was named to lead the mining work.
Skyline Builders later completed a reverse merger with Cove Kaz Capital to form Kaz Resources, now listed on NASDAQ as KAZR. Skyline Builders holds a 20% stake in Kaz Resources following a $20 million investment. The deal remains under SEC review and has not been formally signed.
What the parties said
Andrew Stoltmann, a Chicago securities and investment fraud attorney, said proving a connection between the investment and any administration action would be difficult. President Trump would have had no way of knowing about his sons' stake unless they told him, Stoltmann said. "The optics are bad," he added, while saying critics would struggle to find evidence of a legal violation.
The Trump Organization said the brothers' investment was passive, made before the deal closed and without knowledge that Kazakhstan would award the contract to the United States. White House spokesperson Anna Kelly called the story "the same, tired narrative" and said there are "no conflicts of interest."
Cantor Fitzgerald said its role was limited to capital raises in public markets and did not include participation in negotiations with the current or any prior administration. Tungsten is used in missiles and fighter jets. China and Russia control the majority of the world's supply.