Investment Firm Backed by Trump Sons Linked to Kazakhstan Tungsten Project
A company supported by President Donald Trump's sons has invested in a mining group involved in a $1.6 billion tungsten project in Kazakhstan, which received a contract from the U.S. government. The project involves merging entities to form Kaz Resources, set to list on Nasdaq. No evidence indicates the Trump brothers knew of the contract or influenced its award.
usmagazine.comA Financial Times report detailed an investment by a firm backed by President Donald Trump's sons in a mining project in Kazakhstan. The project, valued at $1.6 billion, focuses on tungsten mining and was awarded a U.S. government contract. Donald Trump Jr.
, listed on Nasdaq under the ticker SKBL. This company merged with Cove Kaz Capital Group, a unit of New York-based Cove Capital, which received the tungsten project contract last year.
The merged entities will form Kaz Resources, a subsidiary of Cove Capital, which also controls Cove Kaz. Kaz Resources is planned to list on Nasdaq under the ticker KAZR. The project includes two deposits, Northern Katpar and Upper Kairakty, located less than 20 miles apart in the Karaganda mining district of central Kazakhstan.
Since 2023, the U.S.
Departments of Commerce and State have supported the company's critical minerals operations in Kazakhstan through commercial diplomacy. and Eric Trump were aware of Cove Capital's pending $1.6 billion U.S. government contract when they invested in Skyline, or that they played any role in the contract's award.
's ReElement Technologies. This plan included a $620 million loan from the Pentagon's Office of Strategic Capital. She described the Pentagon's role as providing financial benefits to the Trump family.
Key Facts
Story Timeline
4 events- November 2025
Joint venture announced at C5+1 Leaders' Summit by President Trump and Kazakhstan President Kassym-Jomart Tokayev.
1 sourceBenzinga - October 31, 2025
Filings show Skyline agreed to pay $20 million for 20% stake in Kaz Resources.
1 sourceBenzinga - Last year (2025)
Cove Kaz Capital Group awarded tungsten project contract.
1 sourceBenzinga - Since 2023
U.S. Departments of Commerce and State supported critical minerals operations in Kazakhstan.
1 sourceBenzinga
Potential Impact
- 01
The investment could lead to increased scrutiny of Trump family business dealings with government contracts.
- 02
Kaz Resources' Nasdaq listing may attract additional investors to the tungsten project.
- 03
Related rare earth initiatives might face congressional review due to family connections.
- 04
U.S.-Kazakhstan commercial ties in critical minerals could strengthen through ongoing diplomacy.
Transparency Panel
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