The sons of President Donald Trump are set to profit from a massive mineral deal in Asia, prompting outrage that the First Children are intertwined with the administration’s efforts to secure rare earth materials.
The President and Commerce Secretary Howard Lutnick helped close a mining deal in Kazakhstan last year after Trump made the final pitch on a call with the Asian country’s president.
Kaz Resources, an American company, has preliminary approval to mine one of the largest tungsten deposits globally using up to $1.6 billion in federal funding, and it has ties to Don Jr and Eric Trump.
Dominari Securities – a financial firm partly owned by the Trump brothers that is located in Trump Tower – took a 20 percent stake in a company related to the project, according to the New York Times.
Kaz Resources expects that the total resources at the site could be worth up to $80 billion, according to the firm.
‘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 sons of the commerce secretary, through their company Cantor Fitzgerald, helped raise $210 million for an investor working with Dominari on the deal.
The investor, ASP Isotopes, then independently got involved in the Kaz Resources deal. A Cantor Fitzgerald spokesperson told the Daily Mail that the firm was not directly involved in the mining agreement.
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.
