Trump and Lutnick's Sons Set to Rake in Cash from $1.6 Billion Mining Bonanza

The sons of President Trump and Commerce Secretary Howard Lutnick are on the brink of a financial windfall thanks to a $1.6 billion mining deal in Kazakhstan, with their family businesses playing a pivotal role in securing the contract.

Last November, Trump and Lutnick finalized a deal for Kaz Resources to exploit one of the largest untapped tungsten reserves globally. Records reveal that firms linked to their sons are set to profit from this lucrative contract.

Dominari Securities, located in Trump Tower and partly owned by Donald Trump Jr. and Eric Trump, acquired a 20% stake in a company associated with the mining project, joining other investors in this venture.

Simultaneously, Cantor Fitzgerald, an investment firm controlled by Lutnick's family and managed by his sons Brandon and Kyle Lutnick, facilitated the raising of $210 million in new capital for one of Dominari's investors.

Cantor specifically aided ASP Isotopes, a company connected to British investor Paul E. Mann, who partnered with Dominari. ASP subsequently purchased controlling shares in Skyline, a struggling construction firm that secured the 20% stake in the Kazakhstan-focused entity just days before the mining deal was finalized.

These transactions have sparked scrutiny regarding the financial benefits accruing to the Trump and Lutnick families from agreements made during the president's second term.

White House spokesman Kush Desai asserted that “the only special interest guiding the Trump administration’s decision-making is the best interest of the American people.”

Desai emphasized that securing and reshoring America’s critical supply chains remains a top priority for President Trump, with Secretary Lutnick and the administration taking significant actions to protect national and economic security.

The Kazakhstan deal emerged as the U.S. sought to bolster its tungsten supply, a vital metal for manufacturing missiles, fighter jets, computer chips, and other essential goods necessary to compete with China.

During negotiations, Lutnick urged Kazakhstan President Kassym-Jomart Tokayev to award the mining contract to Kaz Resources executive chairman Pini Althaus and his associates, stating in a letter that the Trump administration “fully supports” the company.

When Tokayev visited New York in September for discussions at the St. Regis hotel, Trump personally intervened to finalize negotiations and secure the deal, according to Althaus.

Shortly after the St. Regis meetings, Dominari Securities and Cantor Fitzgerald acted swiftly, with the deal officially signed on November 6, just six days following the investment involving the Trump sons and their partners.

While no government support from the $1.6 billion for the Kazakh deal has materialized yet, federal filings indicate that both Dominari and Cantor earned fees for their roles in raising capital for the project.

Dominari, which brought on the Trump brothers as paid advisers after the president returned to office, did not respond immediately to requests for comment.

The Trump brothers claim they were not involved in the specifics of the deal, with Eric asserting he has always been a “passive investor.”

Cantor Fitzgerald stated its role is limited to assisting companies in raising capital within the critical minerals sector without engaging in negotiations with any administration.

The Commerce Department clarified that neither Secretary Lutnick nor anyone at the department had discussions with Cantor Fitzgerald regarding rare earth minerals, noting that Lutnick had divested his ownership stake in the firm.

Althaus maintains he never met the Trump brothers during his search for investors and was unaware of their involvement.

“I can see how the optics might be disturbing to some people,” he remarked, “but that’s unfortunate because this company and this project goes way beyond any one president, let alone any family.”