The Trump brothers are expected to retain an indirect stake of less than 1% in Kaz Resources.
Mon 2 Nov 2026 · 07:05 EST · 2 min read
In Politics
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Kaz Resources, a tungsten mining company developing deposits in Kazakhstan, plans to pursue a direct US listing next year at a proposed $2 billion valuation, replacing an earlier merger plan that involved Hong Kong-based Skyline Builders, The Wall Street Journal reported Monday.
The venture includes investments from Donald Trump Jr. and Eric Trump, who are expected to retain an indirect ownership stake of less than 1% after the listing. Their holdings would be worth less than $20 million if the company reaches the targeted valuation, according to the report.
Kaz Resources’ main asset is a planned tungsten mine in Kazakhstan that could produce an estimated 15% of global supply. The project has received backing from Washington as the US seeks to secure alternative sources of the metal, which is used in defense equipment and semiconductor manufacturing.
The Export-Import Bank and International Development Finance Corp. have issued letters of interest for up to $1.6 billion in financing. The company is conducting a feasibility study, targets production in 2030 and is in talks with US buyers.
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Dominari Holdings, partly owned by the Trump brothers, has also committed $32 million in fresh funding through its American Ventures investment vehicle.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.