Kaz Resources Plans $2 Billion Direct U.S. Listing

Kaz Resources plans to go public next year through a direct U.S. listing in a proposed $2 billion deal. The company intends to develop a mine in Kazakhstan capable of producing 15% of the global tungsten output, a move designed to support U.S. efforts to decrease dependence on Chinese supplies for chips and munitions.

The direct listing replaces a previously planned merger with Skyline Builders India, which had drawn scrutiny from Senator Elizabeth Warren over potential conflicts of interest. Donald Trump Jr. and Eric Trump are expected to maintain a passive ownership stake of less than 1%, valued at under $20 million at the target valuation. Spherix Incorporated, a firm partially owned by the Trump sons, has agreed to provide $32 million in fresh funding.

To support the project, Kaz Resources has secured letters of interest for up to $1.6 billion in funding from the Export-Import Bank and the International Development Finance Corp. Production at the Kazakhstan site is projected to begin in 2030.