A company backed by two of US President Donald Trump’s sons reportedly invested in a mining group that is developing a $1.1 billion tungsten project in Kazakhstan, Financial Times has found.
According to FT, both Donald Trump Jr. and Eric Trump have been using a shell company to buy stakes in US construction group Skyline Builders (Nasdaq: SKBL), which on Thursday merged with Cove Kaz Capital Group, the unit of New York-based mining investment group Cove Capital that was awarded the tungsten project last year.
As part of the merger, the companies will create a new entity named Kaz Resources to operate the project, which comprises two deposits (Northern Katpar and Upper Kairakty) located less than 20 miles apart in the Karaganda mining district of Central Kazakhstan.
The FT report, citing securities filings, detailed that Skyline had paid $20 million for a 20% stake in a company with “significant critical minerals assets in Asia”, which it revealed to be Kaz Resources.
Following the Skyline-Cove merger, Kaz Resources is expected to list on the Nasdaq under the symbol “KAZR”.
Responding to FT requests, a Trump Jr. spokesperson said he “does not interface with the federal government on behalf of any company he invests in or advises,” while Eric did not comment.
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