Trump Sons' ₱1.23 billion ($20 million) Mining Deal Before Kazakhstan Project

Donald Trump Jr. and Eric Trump bought into Skyline Builders through a special purpose vehicle called American Ventures in August 2025, according to Financial Times reporting. Both sons added to their positions on October 28, just days before Skyline agreed to pay ₱1.23 billion ($20 million) for roughly 20% of a Delaware LLC tied to Kazakhstan mining projects.

The timing caught attention from government watchdogs. Skyline raised ₱1.09 billion ($17.8 million) in its August private placement, with Dominari Securities serving as one of the placement agents. Dominari owns 90% of the management companies running American Ventures.

Skyline and Cove Kaz Capital Group announced a merger agreement on April 30 to combine into Kaz Resources Inc., trading under ticker KAZR. The deal targets Northern Katpar and Upper Kairakty tungsten deposits in Kazakhstan, where Cove Capital holds 70% and a Kazakh state mining company owns 30%. Total development costs hit $1.1 billion.

Two U.S. agencies issued financing letters before the November 6 venture announcement framed the projects in national security terms. Export-Import Bank signaled interest for up to $900 million, while the U.S. International Development Finance Corporation offered letters worth up to $700 million in combined debt and project development funding.

Castle Island Ventures founding partner Nic Carter called the Trump sons' earlier crypto venture World Liberty Financial a huge mistake that burned goodwill with the industry. Representative Jamie Raskin described Trump family crypto activities as turning the presidency into a personal money-making operation. The Skyline-Cove Kaz transaction expects to close in Q4 2026 or early 2027, pending shareholder approval, regulatory clearances, and SEC registration effectiveness.