President Donald Trump’s sons could benefit financially from a major minerals project in Asia, fueling criticism over the First Children’s connections to the administration’s push to secure access to rare earth and strategic materials.
The deal, centered on mining interests in Kazakhstan, was advanced last year with assistance from Trump and Commerce Secretary Howard Lutnick, after the president reportedly made a final appeal during a call with Kazakhstan’s leader.
Kaz Resources, a U.S.-based company, has received preliminary approval to develop one of the world’s largest known tungsten deposits, with the project potentially drawing on as much as $1.6 billion in federal financing. The company also has links to Donald Trump Jr. and Eric Trump.
According to the New York Times, Dominari Securities — a financial firm based in Trump Tower and partly owned by the Trump brothers — acquired a 20 percent stake in an entity connected to the mining venture.
Kaz Resources has estimated that the mineral resources at the site could ultimately be valued at as much as $80 billion.
“Neither Don nor Eric has any involvement in this transaction,” a spokesperson told the Daily Mail. “They are, and have always been, passive investors with absolutely no management role in this vehicle.”
Brandon and Kyle Lutnick, the commerce secretary’s sons, were also connected to the broader financing network through Cantor Fitzgerald, which helped raise $210 million for an investor working alongside Dominari on the deal.
That investor, ASP Isotopes, later became independently involved in the Kaz Resources project. A Cantor Fitzgerald spokesperson told the Daily Mail that the firm had no direct role in the mining agreement itself.
President Donald Trump and Commerce Secretary Howard Lutnick helped close a deal with Kazahkstan’s president to secure the rights to a tungsten mine. Don Jr and Eric Trump stand to profit from the deal while Kyle and Brandon Lutnick’s company helped fundraise for an investor on the agreement
The President’s sons are investors in Dominari Securities, which invested in the mine deal
Bradon Lutnick (left) and Kyle Lutnick (center right), executives at financial firm Cantor Fitzgerald
‘Cantor’s involvement is limited to supporting capital raises in the public markets and does not include participation in negotiations with the current or any prior administration,’ the spokesperson said in a statement.
The billion-dollar deal has prompted outrage among the administration’s critics who are concerned that the Trump and Lutnick families are enriching themselves during the President’s second term.
‘Right in front of our faces. Zero attempt to hide or conceal it. Absolute, total self-enrichment at a magnitude we have never really seen,’ journalist Isaac Saul reacted to the deal. ‘And every week brings a new story just like it. They’re getting richer at every opportunity.’
California Democratic Congressman Mike Levin wrote on social media: ‘The fathers set the policy. The sons cashed in … Either we will end the corruption, or the corruption will be the end of us.’
Trump skeptics have also voiced concern over the President’s family profiting from crypto as the Republican has sought to loosen regulations on the sector.
The Trump family has earned at least $1.2 billion in cash through its crypto company, World Liberty Financial, the Wall Street Journal reported in February.
The family of Steve Witkoff, the President’s special envoy currently handling US-Iran peace talks, reportedly made $200 million from the crypto venture, which they have invested in.
The White House shot down claims that the administration is seeking special interest deals for those close to the President.
‘The only special interest guiding the Trump administration’s decision-making is the best interest of the American people,’ White House spokesman Kush Desai said in a statement.
Commerce Secretary Howard Lutnick poses for a photo with Kazahkstani officials and Kaz Resources’ Pini Althaus. The image was captioned: ‘This joint venture between Cove Kaz Capital and Kazakhstan’s national mining company Tau-Ken Samruk is a landmark project for U.S. investment in Kazakhstan’s mining sector’
The President’s son’s involvement in the deal has prompted outrage from critics of the administration
Tungsten is commonly used in specialized US military equipment like fighter jets
‘Securing and reshoring America’s critical supply chains has been a top priority for President Trump, and Secretary Lutnick along with the rest of the Administration continue to take historic action to safeguard America’s national and economic security.’
Despite the deal closing, a White House official told the Daily Mail that the US government has not yet transferred funds for the deal, ‘so it’s really just a piece of paper that hasn’t enriched anyone.’
Tungsten is an important material to the US. It is used in missiles, fighter jets, computer chips and many other goods. Estimates suggest that China controls over 80 percent of global tungsten production.
The administration has made acquiring critical rare earth materials a top priority as China maintains a chokehold on the global supply of the minerals.
During a September 2025 meeting at the St. Regis in New York, the Commerce Secretary urged Kazakhstan President Kassym-Jomart Tokayev to give the contract to Kaz Resources.
At that meeting, President Trump phoned in to tell the Kazakhstani leader to inform him of his support of the arrangement.
As the deal progressed, Dominari Securities and Cantor Fitzgerald got involved. Six days after the Trump sons and their partners joined the deal, it was approved, the Times reported.
According to the outlet, Dominari and Cantor both stand to profit from fundraising for the deal.
Don Jr and Eric claimed they were not involved in hashing out the details of the deal. Eric Trump told the Times he has remained a ‘passive investor’ in Dominari.
Pini Althaus, the executive chairman of Kaz Resources, denied having knowledge that the Trump brothers were involved in the deal.
‘I can see how the optics might be disturbing to some people, but that’s unfortunate because this company and this project goes way beyond any one president, let alone any family,’ he told the Times.
Dominari Securities did not return the Daily Mail’s request for comment.
