A new report is raising questions about Business interests connected to President Donald Trump and Commerce Secretary Howard Lutnick after companies tied to their families became involved in a $1.6 billion mining project in Kazakhstan.
According to The New York Times, businesses connected to the Trump and Lutnick families stood to benefit after the U.S. backed a deal allowing American company Kaz Resources to develop one of the world's largest untapped tungsten deposits.
The project comes as the United States works to strengthen domestic access to critical minerals used in military equipment, semiconductors and other strategic industries, reducing reliance on foreign suppliers, particularly China.
The report said Dominari Securities, an investment firm headquartered in Trump Tower, joined other investors in acquiring a 20% stake in a company connected to the mining venture.
Dominari is partly owned by President Trump's eldest sons, Donald Trump Jr. and Eric Trump.
At the same time, Cantor Fitzgerald, the investment firm controlled by the Lutnick family and overseen by Howard Lutnick's sons, Brandon and Kyle Lutnick, reportedly helped one of the project's investors raise $210 million in capital.
The White House defended the administration's role in the agreement, saying the focus has remained on advancing U.S. national and economic security.
“The only special interest guiding the Trump administration’s decision-making is the best interest of the American people,” White House spokesman Kush Desai said in a statement.
He added that securing America's critical supply chains remains one of the administration's top priorities.
According to the report, Howard Lutnick encouraged Kazakhstan President Kassym-Jomart Tokayev to award the mining contract to Kaz Resources, writing that the Trump administration "fully supports" the company.
Kaz Resources Executive Chairman Pini Althaus also told the Times that President Trump joined negotiations by phone during a meeting in New York that helped finalize the agreement.
The deal was officially signed in November, shortly after the reported investments involving Dominari Securities and its partners.
The report noted that while federal financial support for the project has not yet been disbursed, public filings indicate that Dominari Securities and Cantor Fitzgerald earned fees related to capital-raising efforts.
Eric Trump told the Times he has remained a "passive investor" and was not involved in the details of the transaction.
Cantor Fitzgerald also said its role was limited to helping companies raise investment capital and did not include negotiations with the Trump administration.
The Commerce Department added that Secretary Lutnick sold his ownership interest in the company and said neither he nor department officials discussed the project with Cantor Fitzgerald.
Althaus told the Times he had never met Donald Trump Jr. or Eric Trump while seeking investors and was unaware they were involved.
He acknowledged that some may question the arrangement's appearance but said the mining project extends well beyond any individual administration or family.