The Trump Organization, overseen by Donald Trump Jr. and Eric Trump, invested in a construction firm that could profit from a U.S.-backed rare‑earth minerals contract.
The contract centers on a tungsten mining project in Kazakhstan, negotiated by U.S.-based Cove Capital and its affiliate, which seeks a 70% stake in the country's state‑owned deposits.
Tungsten is essential for military equipment, and the United States is pursuing a long‑term supply to reduce reliance on China and Russia.
In August 2025, the brothers, through Dominari Securities, acquired a minority stake in Skyline Builders, a company then listed on the NASDAQ.
Earlier that year, Cantor Fitzgerald underwrote a $46.8 million loan to ASP Isotopes, a firm owned by Paul Mann; the brokerage is now run by the founder’s sons.
ASP Isotopes’ subsidiary subsequently gained voting control of Skyline Builders, linking the Trump investment to the mining venture.
In November 2025, Kazakhstan’s president met with Donald Trump as the United States secured letters of interest for up to $1.6 billion in financing for the tungsten project, with Cove Kaz Capital selected to lead mining operations.
The deal remains pending SEC review. Skyline Builders completed a reverse merger with Cove Kaz Capital, forming Kaz Resources, which now trades under KAZR. Skyline retains a 20% stake after a $20 million investment.
Critics allege the Trump brothers invested with foreknowledge of the contract award, though no evidence has emerged to substantiate the claim.
Legal analysts note that passive investors are not required to disclose such holdings, and proving wrongdoing would be difficult without direct communication.
One attorney emphasized that the key question is what President Trump knew and when, noting that optics are unfavorable but the investment appears passive.
The attorney also highlighted that Cantor Fitzgerald benefited from underwriting and advisory fees related to the loan that facilitated the acquisition of voting control.
Political implications could intensify if congressional control shifts, potentially leading to subpoenas for communications among the involved parties.
The White House reiterated that the president’s personal finances are managed by independent institutions and that no conflict of interest exists.
Cantor Fitzgerald stated its role was limited to capital‑raising activities and did not involve negotiations with the administration.
The Trump Organization and the Commerce Department declined to comment. Requests for comment were not returned.
