Trump Brothers’ Investment Raises Questions Amid Tungsten Deal

The Trump Organization, led by Donald Trump Jr. and Eric Trump, recently made a significant investment in a construction firm linked to the U.S. government’s funding of rare earth minerals. This move has sparked skepticism.

One securities lawyer noted that finding concrete proof of wrongdoing may be quite challenging, emphasizing that critics seem to lack substantial evidence. “The main question is whether President Trump was aware of his sons’ investments,” said attorney Andrew Stoltman. “The likely answer is ‘no’ unless they informed him.” He further explained, “These are private individuals, not public officials. A passive investment doesn’t necessitate disclosure.”

The scrutiny arises from a tungsten mining agreement in Kazakhstan, primarily involving investment firm Cove Capital and its subsidiary. Cove is negotiating to acquire a substantial share of the state’s tungsten deposits between 2023 and 2024. Tungsten, integral to military equipment manufacturing, is predominantly controlled by China and Russia. Since his return to office, President Trump has prioritized securing resource supplies as a key national security concern.

In August 2025, the Trump brothers bought a minority stake in Skyline Builders, which, at the time, was publicly traded under the ticker SKBL. The investment was facilitated through an investment vehicle set up by Dominari Securities at Trump Tower in New York.

In June of the same year, Cantor Fitzgerald, founded by Howard Lutnick, backed a $46.8 million loan for ASP Isotopes, owned by Paul Mann. At the time, the Trump brothers were also invested in Skyline Builders, a subsidiary of ASP Isotopes, allowing Mann’s firm to secure voting rights.

On November 6, 2025, Kazakh President Kassym-Jomart Tokayev announced a tungsten mining contract with the U.S. during a meeting with President Trump. This contract was backed by the U.S. Export-Import Bank and the International Development Finance Corporation. Cove Kaz Capital was introduced to handle the mining.

The deal is still under review by the Securities and Exchange Commission (SEC) and hasn’t been finalized. Earlier, Skyline Builders underwent a reverse merger with Cove Kaz Capital, leading to the formation of Kaz Resources, now on Nasdaq as KAZR, with Skyline owning a 20% stake after a $20 million investment.

While critics speculate about the Trump brothers’ investment timing in relation to the tungsten contract, the Trump Organization firmly denies any wrongdoing, stating investments in Skyline Builders were entirely passive and made without prior knowledge of the contract award.

Stoltman suggested that even if nothing unethical occurred, the situation’s optics are troubling. “Essentially, it looks bad when the president’s sons invest in a company that ends up with a big contract,” he said. “This naturally raises suspicions.” He pointed out that speculating about the situation is easier than proving any connection.

As for potential political repercussions, Stoltman noted that if Democrats regain Congress, the Trump brothers may face intense scrutiny over their business dealings. There could be a flood of subpoenas demanding records related to the brothers and President Trump. While there’s potential liability, Stoltman believes President Trump is unlikely to face repercussions since his sons were passive investors.

The White House reiterated that it doesn’t control the president’s investments, which are managed by independent financial institutions. The administration maintained that President Trump acts in the interest of the American people and dismissed the ongoing narrative pushed by critics about conflicts of interest. “There is no conflict here,” stated a White House spokesperson.

Cantor Fitzgerald has distanced itself from any involvement with Kaz Resources or Skyline Builders, clarifying that it only assists with public market financing, not with negotiations involving the administration.