Trump sons own 20% of Kazakh tungsten mine backed by $1.6B
Donald Trump Jr. and Eric Trump own about 20% of a Kazakh tungsten miner that has received up to $1.6 billion in U.S. federal financing, filings show.
Donald Trump Jr. and Eric Trump hold roughly a 20% stake in a Kazakh tungsten mining company that has secured up to $1.6 billion in U.S. federal financing, according to company filings and regulatory disclosures.
The brothers bought their initial stake through Skyline Builders, a Nasdaq-listed shell company, in August 2025 and increased their position in a $24 million private placement in late October 2025. The mining project was publicly promoted at a White House summit in November 2025 where President Trump and Kazakhstan’s president announced the initiative.
The financing package includes up to $900 million from the Export-Import Bank of the United States and up to $700 million from the U.S. International Development Finance Corporation. Agencies administering the funds have not released final loan agreements or contract terms, and federal processes typically include environmental and business reviews before funds are disbursed.
Tungsten is used in missile and jet components, armored vehicles and some high-performance electronics because of its density and heat resistance. U.S. mines have not produced tungsten commercially since 2015. A 2026 law bars Chinese-sourced tungsten from U.S. military equipment, creating procurement needs for the Pentagon.
China controls roughly 80% of global tungsten supply and tightened export controls in early 2025. Prices for tungsten rose more than 500% over 14 months. The Northern Katpar and Upper Kairakty deposits in Kazakhstan are estimated to be capable of supplying about 15% of global output.
Company filings and public statements describe the Trump brothers as passive investors with no government role. The filings show no public evidence that they knew about pending U.S. federal support when they first bought shares.
Some lawmakers and ethics experts have requested further review of the project and its financing. One market analyst called it “the biggest corruption scandal in recent U.S. history.” Congressional offices that have investigated other family business activities may determine whether to open new inquiries in the coming weeks.
