{"id":62709,"date":"2026-05-08T17:17:24","date_gmt":"2026-05-08T17:17:24","guid":{"rendered":"https:\/\/www.europesays.com\/people\/62709\/"},"modified":"2026-05-08T17:17:24","modified_gmt":"2026-05-08T17:17:24","slug":"trump-linked-tungsten-deal-in-kazakhstan-moves-forward","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/people\/62709\/","title":{"rendered":"Trump-Linked Tungsten Deal in Kazakhstan Moves Forward"},"content":{"rendered":"

A deal announced at the White House last year for an American company to mine tungsten<\/a> in Kazakhstan is moving forward after the company closed the deal with the country\u2019s state-owned mining company.<\/p>\n

At almost the same time, Cove Kaz Capital, the American mining entity, and a shell company in which US President Donald Trump\u2019s sons reportedly have a significant stake, announced an intention to merge, according to a report<\/a> published by the Financial Times. The merged entity would seek to become a publicly traded company.<\/p>\n

Cove Kaz Capital, a subsidiary of American mining company Cove Capital, indicated no major changes to the terms and scope of the $1.1 billion project that was first laid out last November at the C5+1 summit<\/a> between Trump and the leaders of the five Central Asian states. The company confirmed that further exploration work will begin this summer.<\/p>\n

\u201cThe financial closing of the share purchase agreement is a significant mile marker\u201d for the project, Pini Althaus, the CEO of Cove Capital and executive chairman of the Kazakh operation, said in an April 29 statement.<\/p>\n

Althaus thanked the Kazakh side for their \u201coutstanding partnership\u201d on regulatory approvals that will allow the company to start feasibility studies this summer, according to the statement. That process will take about 18 months to complete, the company said.<\/p>\n

Cove Kaz Capital\u2019s development of the Northern Katpar and Upper Kairakty deposits, estimated to hold 1.4 million tons of tungsten trioxide, represents a flagship initiative in the Trump administration\u2019s efforts to widen US access to Central Asia\u2019s abundance of critical minerals and rare earths. It is also one of the only significant American critical minerals mining projects in the region, other than an antimony mine in Tajikistan that has been operating for many years.<\/p>\n

In the deal, Cove Kaz Capital purchased 70 percent of the project\u2019s shares and Tau-Ken Samruk, the national mining company, received 30 percent. Cove Kaz Capital is leading the project\u2019s development.<\/p>\n

Just hours after the closing was announced, Cove Kaz Capital announced plans to merge with Skyline Builders Group Holding Ltd. The combined company intends to be listed on the Nasdaq stock exchange as Kaz Resources Inc., according to a joint statement issued by the two entities.<\/p>\n

The Financial Times<\/a> reported on April 30 that Trump\u2019s sons, Donald Trump Jr. and Eric Trump, invested in Skyline Builders Group in August of last year and expanded their investment in October.<\/p>\n

Althaus told the Financial Times he has not spoken with the Trump brothers. The pair\u2019s initial investment in Skyline Builders Group came before Kazakh President Kassym-Jomart Tokayev informed the White House in September that Kazakhstan was leaning towards awarding the tungsten development contract to Cove Kaz. The deal was publicly announced last November.<\/p>\n

Democrats<\/a> and former American ethics<\/a> officials<\/a> have raised concerns about the Trump family\u2019s expanding investments in countries and sectors connected to the president\u2019s foreign policy initiatives.<\/p>\n

By Eurasianet<\/a><\/p>\n

More Top Reads From Oilprice.com<\/p>\n

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