Trump, Lutnicks sons stand to gain big profits from billion-dollar mining deal: report
The sons of President Trump and Commerce Secretary Howard Lutnick stand to see a big windfall after businesses tied to the families helped secure a $1.6 billion mining deal in Kazakhstan, according to a new report.After Trump and Lutnick closed a deal for an American company called Kaz Resources to mine one of the world’s largest untapped reserves of tungsten last November, records indicate that firms tied to their sons saw financial gain from the contract, the New York Times reported.
Dominari Securities — which is housed at Trump Tower in New York and partly owned by the president’s two eldest sons, Donald Trump Jr.and Eric Trump — had joined other investors to take a 20% stake in a company related to the project.
At the same time, Cantor Fitzgerald — an investment company controlled by Lutnick’s family and overseen by his sons Brandon and Kyle Lutnick — helped one of the investors working with Dominari raise $210 million in new capital.The dealings have raised questions about the Trump and Lutnick families’ financial gains under deals struck during the president’s second term.
“The only special interest guiding the Trump administration’s decision-making is the best interest of the American people,” White House spokesman Kush Desai told The Post.“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.”The Kazakhstan deal manifested last year as the US moved to increase its tungsten supply, a precious metal needed to produce missiles, fighter jets, computer chips and other critical goods to compete against China.
During the negotiations, Lutnick pushed Kazakhstan President Kassym-Jomart Tokayev to give the mining contract to Kaz Resources executive chairman Pini Althaus and his backers, writing in a letter that the Trump administration ...