In May, Cove Kaz Capital Group LLC completed the acquisition of a 70% stake in Severny Katpar LLC, a Kazakh mining company previously under the umbrella of Samruk-Kazyna, Kazakhstan’s sovereign wealth fund. The asset includes development rights to the North Katpar field, one of the world’s largest tungsten deposits.
A report from Samruk-Kazyna confirmed the completion of the transaction involving a controlling interest in the project.
«On May 4, 2026, the group completed the sale of a 70% stake in the authorized capital of Severny Katpar LLC to Cove Kaz Capital Group LLC and began jointly implementing the project,» the statement said.
Trump family links
According to The Financial Times, Donald Trump Jr. and Eric Trump have been associated with business interests tied to a company involved in tungsten mining in Kazakhstan.
The publication reported that the U.S. president’s sons acquired an interest connected to the broader investment structure involving Skyline Builders in August 2024. Skyline Builders later acquired a 20% stake in Kaz Resources, a subsidiary of U.S. investment group Cove Capital.
Corporate restructuring
Skyline Builders, Kaz Resources, and Cove Kaz Capital were later merged into a single corporate structure. The combined entity planned to list on the Nasdaq under the name Kaz Resources. The official deal announcement did not mention the Trump sons, according to The Financial Times.
The total investment was estimated at about $1.6 billion, part of which was backed by the Export-Import Bank of the United States (EXIM).
North Katpar project
The Severny Katpar project — also referred to as the North Katpar deposit — is among the largest undeveloped tungsten reserves in Kazakhstan’s Karaganda region. Previous reports indicated that Cove Capital would hold a 70% stake in the project, while Kazakhstan’s national mining company Tau-Ken Samruk, a subsidiary of Samruk-Kazyna, retained a 30% stake.
Samruk-Kazyna, lists two deposits on its website — Upper Kairakty and North Katpar — which, according to the fund, «will make Kazakhstan a major player in the global tungsten market.»
Production is expected to begin in 2030, with output gradually increasing. By 2033, annual production is projected to reach about 3 million tons of ore, with development continuing through 2048.
Total revenue from raw material sales over the life of the project is projected to exceed 1 trillion tenge, or more than $2 billion at current exchange rates.
