Thomas J. Raleigh · Author · Essayist · Raconteur · Est. 1950

Hmmm...let's keep an eye on this.

Thomas J. Raleigh · August 4, 2026 · 1 min read

In September 2025, Commerce Secretary, Howard Lutnick, met face-to-face with Kazakhstan President, Kassym-Jomart Tokayev in NYC.  Donald Trump joined the meeting via telephone.  The object was to secure an agreement granting tungsten mining rights to a US company.

In late October, Trump’s sons invested in Skyline Builders, which acquired a 20% stake in Kaz Resources, Inc., a subsidiary of Cove Capital LLC, a US company pursuing the mining deal.

Days later, on November 6, Kazakhstan announces that Kaz Resources, Inc. gets the “largest known underdeveloped tungsten mining deal in the world”.

In the meantime, Lutnick’s two sons negotiate and receive “advisory and banking transaction fees” associated with ASP Isotopes, a Dallas based company and $210M tungsten project investor.

The total agreement entails a $1.6B “loan” between two US independent federal agencies that will extend lines of credit and loan guarantees. Although Kaz Resources is legally obligated to repay all extended funds with interest, the US government, i.e., taxpayers, would still act as the ultimate financial backer with respect to default or any unpaid debt.

The Trumps and Lutnicks walk away with millions…while US taxpayers assume the risk.

NUFF SED!!!

Nuff sed.

Never miss one.

New essays land here first, at Nuff Sed!!!, and go out by email the same day. No spam, no noise — just the writing.

Check your inbox — one click to confirm and you’re in.
Hmm, that didn’t work. Give it another try.
Nuff Sed calling card Nuff Sed calling card, alternate