Trump Sons Took 20% Kazakhstan Tungsten Stake After U.S. Backed $1.6 Billion Deal
Updated
Updated · The Daily Beast · Jun 28
Trump Sons Took 20% Kazakhstan Tungsten Stake After U.S. Backed $1.6 Billion Deal
3 articles · Updated · The Daily Beast · Jun 28
Summary
Dominari Securities, partly owned by Donald Trump Jr. and Eric Trump, joined partners within weeks of September talks to take a 20% stake in a Kazakhstan tungsten project later finalized by the Trump administration.
The New York Times reported the administration had helped secure the project and signaled up to $1.6 billion in federal financing, tying the family investment to a government-backed critical-minerals push.
Trump administration officials involved in the deal told the paper they were disappointed by the Trump family’s involvement, as well as the Lutnick family’s role in projects the government was helping finance.
Cantor Fitzgerald, overseen by Commerce Secretary Howard Lutnick’s sons, helped raise $210 million for a lead investor, while Kaz Resources’ chairman said he did not know of the Trump family stake.
Eric Trump said he was only a passive investor, and the White House said the deal served U.S. supply-chain and national-security interests as Washington seeks tungsten supplies it currently cannot mine commercially.