Trump Family and Commerce Secretary’s Sons Linked to $1.6 Billion Tungsten Deal in Kazakhstan

A recent report by The New York Times reveals that the sons of U.S. President Donald Trump and Commerce Secretary Howard Lutnick are set to profit significantly from a $1.6 billion tungsten mining deal in Kazakhstan. The project involves one of the world's largest untapped tungsten reserves, a critical metal used in military components, computer chips, and other strategic products aimed at competing with China.

The report details that Dominar Securities, partially owned by Donald Trump and Eric Trump, acquired a 20% stake in a company tied to the mining project. Meanwhile, Cantor Fitzgerald, an investment firm managed by Lutnick’s sons, helped raise $210 million for the venture. During the negotiations, Secretary Lutnick actively worked to secure the mining contract for Kaz Resources, sending a letter affirming the Trump administration's full support. President Trump also personally participated in final negotiation talks held at the St. Regis Hotel in New York. The agreement was signed on November 6, just six days after the Trump family and partners completed their investment.

Although no government funds have been disbursed to the project yet, federal data indicate that Dominar and Cantor earned fees for facilitating capital raising. The White House stated that the administration’s priorities focus on U.S. national security and economic strength, emphasizing that "the sole special interest guiding decisions is the American people’s welfare." Eric Trump described himself as a passive investor uninvolved in deal specifics. Cantor Fitzgerald denied engaging in government negotiations, and the Commerce Department confirmed Lutnick had no discussions with Cantor regarding the deal. Kaz Resources CEO Pinny Altaus said he did not meet the president’s sons during investor searches.

This disclosure raises questions about potential conflicts of interest involving top U.S. officials and their families in lucrative international business deals tied to strategic resources.