The family business · Second term · № 52
Kazakhstan's state mining company gives tungsten venture to a firm backed by a Trump sons' investment
“President Trump only acts in the best interests of the American public, which is why they overwhelmingly re-elected him to this office despite years of lies and false accusations against him and his businesses from the fake news media. There are no conflicts of interest.” Anna Kelly, White House spokesperson
- Date
- , Statement to Fox News Digital, published July 29, 2026
- Subject
- Kazakhstan
- Benefit
- Investments and funds
- Government
- Kazakhstan
- Beneficiary
- Donald Trump Jr. and Eric Trump (investors in Skyline Builders Group through American Ventures)
- Amount
- $20 million (Skyline Builders' payment for 20% of Kaz Resources; the brothers' own stake was not reported)
- Topic
- Ethics & conflicts
- Era
- Second term
What happened
On November 6, 2025, during a summit of Central Asian leaders at the White House, Cove Capital and Kazakhstan's national mining company Tau-Ken Samruk announced a joint venture giving Cove Kaz 70% and the state company 30% of two tungsten deposits in the Karaganda region; the U.S. Export-Import Bank and the Development Finance Corporation issued letters of interest for up to $900 million and $700 million in financing. The Financial Times reported in April 2026, as summarized by Mining.com and bne IntelliNews, that Donald Trump Jr. and Eric Trump had invested in August 2025 in Skyline Builders Group through American Ventures, a vehicle of Dominari Holdings, and added money on October 28, 2025. On October 31, 2025 Skyline agreed to pay $20 million for 20% of Kaz Resources, a Cove subsidiary, and on April 30, 2026 Skyline and Cove Kaz announced a merger. The Financial Times reported there was no evidence that the brothers knew of the pending U.S. financing when they first invested or played any role in the award. A spokesman for Trump Jr. said he "does not interface with the federal government on behalf of any company he invests in or advises"; the Trump Organization told Fox News the investment was passive and made before the tungsten deal.
Sources
- Trump sons invested in US group developing $1.1B tungsten project in Kazakhstan: FT
- Trump sons hold stake in Kazakh Tungsten venture backed by $1.6bn in US government funds
- Skyline Builders Group Holding Ltd and Cove Kaz Capital Group LLC Announce Merger Agreement (Form 425)
- Trump sons' Kazakhstan tungsten deal raises suspicions, lawyer says
- Remarks at a Working Dinner With Leaders of Central Asian Countries and an Exchange With Reporters
- Kazakhstan: Freedom in the World 2025 Country Report