Cove Capital, a US-based mining investment firm, is reported to be looking beyond Kazakhstan for opportunities in critical minerals.
The firm has direct ties to the Trump family through its portfolio company Cove Kaz Capital Group, which merged with Skyline Builders in May 2026. Donald Trump Jr and Eric Trump both hold strategic investments in Skyline. Cove Kaz Capital is developing a major tungsten project in Kazakhstan together with the state-owned mining firm JSC Tau-Ken Samruk, operating as Kaz Resources.
Kaz Resources is now developing the world’s largest known undeveloped tungsten resource in Kazakhstan.
Controversially, the tungsten project was offered up to US$1.6 billion ($2.3 billion) in US Government financing in a deal announced at the C5+1 Leaders Summit in Washington, DC, on 6 November 2025. Donald Trump’s sons are set to gain an interest in Kaz Resources through their investment in Skyline. However, they have stated that they are passive shareholders, having had no prior knowledge of the commitment to the project.
The projects in which Cove Kaz holds a 70% stake contain about 1.4 million tonnes (Mt) of tungsten trioxide. This accounts for about 70% of Kazakhstan’s total resources. China currently controls about 80% of global concentrate production of tungsten and holds around 2.4Mt of reserves.
Cove Kaz plans to start tungsten production in 2030, ramping up to about 5,000 tonnes per year in its first phase before rising to 12,000 tonnes at full build-out. The firm is ramping up toward a Feasibility Study to be completed before the end of 2027, though site preparation work will likely begin before then.
Cove Capital is looking across Central Asia for opportunities in Uzbekistan and Tajikistan, as well as the Caucasus, eyeing copper and other critical mineral assets. This aligns with the US Government’s efforts to secure supplies of critical minerals needed for defence, the energy transition, advanced technologies, and energy security.
Reuters reports that Cove Capital CEO Pini Althaus says the firm is actively involved in a number of discussions regarding tier-one asset opportunities.
Write to Amy Rotman at Mining.com.au
Main image: Kaz Resources
