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00:02A tungsten mining company with ties to Donald Trump Jr. and Eric Trump
00:06plans to go public next year through a direct U.S. listing, according to the Wall Street Journal.
00:12Kaz Resources is seeking a $2 billion valuation for its project in Kazakhstan.
00:18The Trump brothers will retain an indirect ownership stake of less than 1%.
00:22The new listing plan replaces a proposed merger that drew scrutiny from Democratic Senator
00:27Elizabeth Warren over potential conflicts of interest.
00:31Mining executive Pini Althaus said the Trump brothers are passive investors with no involvement
00:36in the company.
00:38Kaz Resources estimates its mine could produce 15% of global tungsten output, with production
00:43expected to begin in 2030.
00:46The U.S. government has expressed interest in providing up to $1.6 billion in funding as
00:52Washington seeks to reduce its reliance on Chinese tungsten.
00:55For all things money, visit Benzinga.com.
