American company Cove Kaz Capital received around $1.6 billion from US authorities to develop tungsten deposits in Kazakhstan. This concerns the Northern Katpar and Upper Kairaktinsky sites in the central part of the country. If the project is granted additional funding, the total amount of state support from the US will reach $2 billion.
WHICH DEPOSITS ARE INCLUDED IN THE PROJECT
According to the Financial Times, the company Cove Kaz Capital applied for funding from the Strategic Capital Office of the US Department of Defense back in March 2026. The publication notes that the company's executive director, Pini Althaus, previously stated that there was "direct support from President Trump, Secretary of State Rubio, and Commerce Secretary Lutnick" for the implementation of the project in Kazakhstan.
It is noted that Washington regards the Kazakhstani deposit as the largest in terms of tungsten reserves outside of China. Construction of the infrastructure for the project is planned to begin in 2028, with the start of production expected in 2029.
HOW THE PROJECT IS CONNECTED TO DONALD TRUMP'S FAMILY
The company Cove Kaz Capital is linked to the sons of US President Donald Trump – Eric Trump and Donald Trump Jr.
According to the publication, in August 2025 they became co-owners of the construction company Skyline Builders, which later acquired a 20% stake in the company Kaz Resources, which is associated with the project to develop tungsten deposits in Kazakhstan.
WHY TUNGSTEN HAS STRATEGIC IMPORTANCE
Tungsten is used in the defence industry, including in the production of shells, missiles, and special alloys. Additionally, the metal is used in the manufacture of drilling equipment, as well as products for the aerospace and electrical engineering sectors.
The publication notes that the US is seeking to reduce its dependence on China, which controls up to 80% of the global tungsten market. Against this backdrop, the White House is developing cooperation with countries that have reserves of this metal and is looking for alternative sources of supply.