Trump Cut a Billion-Dollar Mining Deal and Now His Sons Are Poised to Reap Huge Financial Benefits
A recent agreement between the US and Kazakhstan has granted a group of American investors with ties to the president and the commerce secretary access to one of the world's largest untapped reserves of tungsten. The reserve, located outside the village of Unrek in rural Kazakhstan, was previously prospected by the Soviet Union during the Cold War.
The deal was sealed after Commerce Secretary Howard Lutnick met with Kazakhstan's president at a New York hotel, with President Trump joining the call to finalize the agreement. The US desperately needs tungsten for the production of missile warheads, fighter jets, and computer chips.
The Trump administration has approved preliminary applications for up to $1.6 billion in federal financing for the American company, Kaz Resources, which plans to break ground on the project. The company's investors include those with ties to the Trump family, including Donald Trump Jr. and Eric Trump, who have a 20 percent stake in the project through their firm Dominari Securities.
Cantor Fitzgerald, an investment company controlled by the Lutnick family, has also been involved in the deal, helping to raise $210 million in new capital for a related entity. The company stands to earn millions of dollars in fees from the deal. Several companies with ties to Cantor Fitzgerald or the Trump family are working on critical mining deals with the US government, with potential financing totaling billions of dollars.
The deal was sealed after Commerce Secretary Howard Lutnick met with Kazakhstan's president at a New York hotel, with President Trump joining the call to finalize the agreement. The US desperately needs tungsten for the production of missile warheads, fighter jets, and computer chips.
The Trump administration has approved preliminary applications for up to $1.6 billion in federal financing for the American company, Kaz Resources, which plans to break ground on the project. The company's investors include those with ties to the Trump family, including Donald Trump Jr. and Eric Trump, who have a 20 percent stake in the project through their firm Dominari Securities.
Cantor Fitzgerald, an investment company controlled by the Lutnick family, has also been involved in the deal, helping to raise $210 million in new capital for a related entity. The company stands to earn millions of dollars in fees from the deal. Several companies with ties to Cantor Fitzgerald or the Trump family are working on critical mining deals with the US government, with potential financing totaling billions of dollars.
#News, #USA