17:58 - 13.05.2026

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May 13, Fineko/abc.az. Cove Kaz Capital, which last month agreed to merge with SPACEX, a company backed by Donald Trump Jr. and Eric Trump, submitted an application for $400 million in financing to the Pentagon's Office of Strategic Capital in March, ABC.AZ informs, referring to The Financial Times.

In November 2025, the U.S. Eximbank and DFC have already sent non-binding letters of interest to support development of the North Katpar and Upper Kairakty tungsten projects in Kazakhstan in the amount of up to $1.6 billion. Cove Kaz controls 70% of those projects. Extra $400 million, according to sources, will accelerate development of deposits.

The Trump administration is trying to secure new supply chains for critical minerals to reduce dependence on China. Tungsten is widely used in the U.S. defense, manufacturing, and energy industries. According to Fastmarkets, since the beginning of last year, its price has increased from $350 up to $3,100 per ton.