Trump’s Sons Stand to Profit From the Critical Minerals Arms Race

An agreement between the US and Kazakhstan gives a group of American investors—including two of the president’s sons—access to a massive untapped reserve of tungsten.

U.S. President Donald Trump speaks next to Donald Trump Jr. (L) and Eric Trump as they attend the ribbon-cutting ceremony at a new 18-hole course at Trump International Golf Links on July 29, 2025 in Balmedie, near Aberdeen, Scotland.

Donald Trump's sons Donald Trump Jr. (L) and Eric Trump (R) stand to profit from their father's billion-dollar Kazakhstan mining deal. Andrew Harnik/Getty

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Donald Trump’s network of family businesses—and network of US government deals with those businesses—is mind-bogglingly wide. A New York Times investigation reveals his sons’ latest venture: tungsten mining in Kazakhstan. 

The US government recently cut a massive mining deal for the critical mineral with the government of Kazakhstan, whose leader recently said Donald Trump was “sent by Heaven.” Trump’s sons Eric and Donald Jr., and Commerce Secretary Howard Lutnick’s sons Brandon and Kyle, are all tied directly or indirectly to the American company, Kaz Resources, that plans to break ground on the tungsten mine. Kaz Resources is also slated to receive at least $1.6 billion in government funding. 

Tungsten, a mineral widely used in missile warheads, fighter jets, and computer chips, has become increasingly difficult for the US to access since China put export restrictions on it in 2025. Since then, the Pentagon has selected contractors to build small tungsten refineries on US military bases, while also looking to expand overseas mining—because no onshore mines are currently operational, and likely won’t be for a long time. And those offshore mining deals may mean big money for Trump and Lutnick-affiliated companies: at least 14 different companies affiliated with one or both families are actively working with the federal government on critical mining deals. 

The Kazakh deal was signed on November 6th, without disclosing the Trump or Lutnick families’ involvement. Eric Trump, Donald Trump Jr., Brandon Lutnick and Kyle Lutnick were “doing business with partners in a deal that their fathers were negotiating, continuing a pattern of self-enrichment in the second Trump administration that has few precedents in American history,” Paul Sonne and Eric Lipton of the Times wrote. 

“I can see how the optics might be disturbing to some people,” Pini Althaus, the CEO of Kaz Resources, said. “But that’s unfortunate because this company and this project goes way beyond any one president, let alone any family.”

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