Trump Family Mineral Deal
Trump Administration Supported Critical Mineral Deal While Sons Reportedly Held Tungsten Stakes
Key Points
Trump personally intervened by phone to secure Kaz Resources’ access to a major Kazakh tungsten deposit, described in reporting as an 'absolute priority' for Washington during a September call.
The deal structure reportedly places Cove Capital in controlling ownership of the tungsten venture, with Kazakhstan’s state mining company Tau-Ken Samruk as a minority partner, and a project cost around $1.1 billion plus financing signals from the Export-Import Bank.
Donald Trump Jr. and Eric Trump gained indirect exposure to the Kazakh tungsten project via Dominari Holdings and American Ventures, with filings indicating about 10% ownership of Dominari and meaningful economic interest in related entities tied to the deal.
Skyline Builders merged with Kaz Resources to form a vehicle in which Cove Capital would reportedly control about 70% of the venture, enabling a direct stake for the president’s sons, backed by substantial federal financing: up to $900 million from the Ex-Im Bank and a $700 million letter of interest from the DFC; Cantor Fitzgerald-affiliated entities helped raise roughly $210 million for related investments.
Donald Trump's sons stand to profit from a $1.6 billion U.S.-backed deal to mine tungsten in Kazakhstan, according to The New York Times and Mother Jones. Corporate filings show Donald Trump Jr. and Eric Trump hold roughly 10% of Dominari Holdings, a company with a direct stake in Kaz Resources — the American firm at the center of the deal.
President Trump personally intervened to push the deal forward. During a September 2025 phone call with Kazakh leadership, Trump reportedly described the Boguty tungsten project as an "absolute priority" for Washington. The deal now includes up to $900 million from the Export-Import Bank and a $700 million letter of interest from the U.S. Development Finance Corporation — meaning American taxpayers bear much of the risk.
Trump Called Kazakh Leaders to Unlock the Mine
The Boguty deposit in Kazakhstan is one of the world's largest untapped tungsten reserves. Tungsten is a hard metal used in bullets, jet engines, and microchips. China controls about 80% of global tungsten supply, and Washington sees breaking that grip as a national security goal. Previous attempts by European firms to develop Boguty failed for years due to red tape in Astana.
That changed in September 2025. Trump got on the phone with Kazakh officials and pushed hard for Kaz Resources to get access, Alternet reported. Internal memos later described the call as pivotal. After the call, Kazakhstan's state mining firm Tau-Ken Samruk was moved from lead partner to a 30% minority position — handing majority control to U.S. private investors.
Trump Sons Gained Stakes Through a Web of Companies
The Trump sons' path into the deal runs through several companies. Donald Trump Jr. and Eric Trump run a firm called American Ventures. That entity holds about 10% of Dominari Holdings, according to SEC filings published in January 2026. Dominari is a key investor in Kaz Resources, the company driving the Boguty project. In November 2025, Kaz Resources merged with a shell company called Skyline Builders, giving the Trump sons a more direct stake.
Commerce Secretary Howard Lutnick's firm, Cantor Fitzgerald, also played a role. Cantor-affiliated entities raised roughly $210 million in private capital to meet the equity requirements for the $1.1 billion federal loan package, Alternet reported. Lutnick has defended the deal publicly, calling it "essential for American mineral independence."
Taxpayers Take the Risk, Trump Family Takes the Upside
California-based Cove Capital holds 70% of the venture under the deal structure disclosed in June 2026. U.S. investors, including Dominari, sit inside that 70% block. The total project is valued at $1.6 billion. The federal government is backstopping up to $1.6 billion in combined financing — while the Trump sons' personal capital at risk is a fraction of that, Yahoo News reported.
Critics say that is the core problem. "The issue isn't the tungsten; it's the tollgate," one House Oversight Committee member said, according to The New York Times. "If the path to federal financing runs through the President's sons, the entire national security rationale is compromised." One analyst described the arrangement as "political arbitrage" — private investors getting upside on a $1.6 billion asset with minimal personal capital at risk.
What Comes Next: Investigations, China's Response, and a Mine to Build
House Oversight Committee members have called for an immediate inquiry into the deal. Lawmakers are also pushing a proposed "No-Conflict Minerals Act" that would bar family members of executive branch officials from holding stakes in companies that get DFC or Ex-Im Bank financing. Shares of Dominari Holdings (ticker: DOMH) have swung sharply as investors weigh a potential windfall against the risk of a federal clawback.
China has already signaled retaliation. Beijing has hinted at restricting exports of gallium and germanium — two other critical minerals — in response to the U.S. push into the Kazakh tungsten market, Mother Jones reported. Meanwhile, construction at the Boguty site is not expected to begin until late 2026. Whether Kaz Resources can actually meet production targets will determine if the $1.1 billion in federal loans ever gets paid back.
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