Trump and Lutnick Families Profit from Kazakhstan Mining Deal
According to a recent report, the sons of President Trump and Secretary of Commerce Howard Lutnick are poised to gain significantly from a $1.6 billion mining deal in Kazakhstan, connected to their families.
The deal emerged following a contract signed last November with Kaz Resources, an American firm tasked with mining one of the largest untapped tungsten reserves globally. Records indicate that companies linked to both families benefited financially from this arrangement, as noted by a major news outlet.
Dominari Securities, located in Trump Tower and partly owned by Donald Trump Jr. and Eric Trump, reportedly secured a 20% stake in companies involved in the project alongside other investors.
Moreover, Cantor Fitzgerald, an investment firm run by the Lutnick family and managed by brothers Brandon and Kyle Lutnick, assisted one of Dominari’s investors in raising $210 million in capital.
This agreement certainly raises concerns regarding the financial interests of the Trump and Lutnick families during the president’s second term in office.
Responding to these concerns, White House press secretary Khush Desai stated, “The only special interest guiding the Trump administration’s decision-making is the best interests of the American people.” He emphasized that securing America’s critical supply chains is a priority for President Trump, with Secretary Lutnick and the administration committed to protecting national and economic security.
The Kazakhstan procurement was highlighted last year as the U.S. looked to bolster its tungsten supplies—a metal essential for manufacturing missiles, fighter jets, computer chips, and other important products, particularly to counter China.
During negotiations, Lutnick urged Kazakh President Kassym-Jomart Tokayev to award the mining contract to Kaz Resources Executive Chairman Pini Althaus, assuring him that the Trump administration would provide unwavering support.
Althaus mentioned that when Tokayev visited New York in September to finalize the agreement at the St. Regis Hotel, President Trump personally invited him to expedite the negotiations and finalize the deal.
After the meeting at St. Regis, both Dominari Securities and Cantor Fitzgerald quickly acted, and the deal was signed on November 6, just days after the investment involving Trump’s sons, according to reports.
While $1.6 billion in government support for the deal hasn’t been confirmed yet, federal records imply that both Dominari and Cantor Fitzgerald received compensation to help finance the project.
Dominari, which engaged the Trump brothers as paid advisors following Trump’s return to the White House, has not offered comments on the situation.
The Trump brothers have claimed they were not involved in the specific details of the deal, with Eric often being described as a “reluctant investor,” according to the report.
Mr. Kanter stated that his role was solely to partner with firms seeking capital in the essential minerals industry. “Cantor’s involvement is limited to assisting with public market financing and does not include participation in negotiations with the current or previous administration,” they clarified.
The Commerce Department indicated that neither Lutnick nor anyone at the department had discussed or interacted with Cantor Fitzgerald regarding the rare earth minerals sector and mentioned that senior Trump officials had divested their interests in the firm.
Althaus asserted that he never met the Trump brothers during his search for investors and was unaware of their connection to the project. “I understand how the optics can be unsettling, but that’s unfortunate because this company and project is about much more than one president, or even a family,” he stated.
