The sons of President Donald Trump are poised to profit from a substantial mineral deal in Kazakhstan, a development that has drawn criticism and allegations of corruption. The agreement, valued at $1.6 billion, involves Kaz Resources, an American company with preliminary approval to mine one of the world's largest tungsten deposits. The Trump administration, with the President and Commerce Secretary Howard Lutnick playing roles in its finalization, has prioritized securing critical rare earth materials, a sector where China holds significant global dominance.
Don Jr. and Eric Trump are reportedly investors in Dominari Securities, a financial firm that took a 20 percent stake in a company associated with the Kazakhstan project. This involvement has led to accusations that the Trump family is leveraging the administration's policies for personal financial gain. Journalist Isaac Saul commented that this represents "absolute, total self-enrichment at a magnitude we have never really seen." California Democratic Congressman Mike Levin echoed these sentiments, stating, "The fathers set the policy. The sons cashed in."
Dominari Securities is partly owned by the Trump brothers and is located in Trump Tower. According to reports, the firm, along with Cantor Fitzgerald, where Brandon and Kyle Lutnick, sons of Commerce Secretary Howard Lutnick, are executives, helped raise $210 million for an investor involved with Dominari on the deal. ASP Isotopes, the investor, subsequently became independently involved with the Kaz Resources project. A spokesperson for Cantor Fitzgerald stated that the firm's involvement was limited to supporting capital raises in public markets and did not include participation in negotiations with the administration.
Deal Facilitation and Timeline
President Trump reportedly made a final pitch for the deal during a call with Kazakhstan's president. Commerce Secretary Lutnick also urged Kazakhstan's President Kassym-Jomart Tokayev to award the contract to Kaz Resources during a September 2025 meeting in New York. Shortly after the Trump sons and their partners joined the deal through Dominari Securities, it received approval, according to The New York Times. The total resources at the site are estimated by Kaz Resources to be worth up to $80 billion.
Tungsten, a key material for specialized U.S. military equipment such as fighter jets, is essential for national security. China currently controls over 80 percent of the global tungsten supply, making the administration's efforts to reshore critical supply chains a stated priority. The White House has defended the administration's actions, with spokesman Kush Desai stating, "The only special interest guiding the Trump administration's decision-making is the best interest of the American people." He added that securing and reshoring critical supply chains has been a top priority for President Trump. Despite the deal's closing, a White House official noted that U.S. government funds have not yet been transferred, characterizing the agreement as "a piece of paper that hasn't enriched anyone."
Don Jr. and Eric Trump have stated they were not involved in negotiating the deal's specifics, with Eric Trump describing his role in Dominari as a "passive investor." Pini Althaus, executive chairman of Kaz Resources, reportedly denied knowledge of the Trump brothers' involvement, suggesting the project transcended any single family.
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