Trump, Lutnick Sons Profit From $1.6 Billion Kazakhstan Tungsten Deal
Updated
Updated · The New York Times · Jun 28
Trump, Lutnick Sons Profit From $1.6 Billion Kazakhstan Tungsten Deal
3 articles · Updated · The New York Times · Jun 28
Summary
$1.6 billion in preliminary U.S. financing was approved for Kaz Resources before the company moved toward a Kazakhstan tungsten project backed by Trump.
Within weeks of the September talks, Dominari Securities — partly owned by Donald Trump Jr. and Eric Trump — joined partners to take a 20% stake in the project.
Cantor Fitzgerald, controlled by Howard Lutnick’s family and overseen by his sons Brandon and Kyle, also helped a lead investor raise $210 million for a related entity, a move that typically generates millions in fees.
The deal gave a little-known American company access to one of the world’s largest untapped tungsten reserves, a metal Washington views as critical for missile warheads, fighter jets and computer chips.