一家与特朗普总统两个儿子有关联的钨矿商正准备上市，这是这家既争取政府资金又遭民主党审查的企业的最新变数。
A tungsten miner with ties to two of President Trump’s sons is preparing to go public, the latest twist for a business that has courted both government funding and Democrats’ scrutiny.
这家将被称为Kaz Resources的公司表示，计划明年通过直接在美国上市向公众出售股份，让小唐纳德·特朗普和埃里克·特朗普持有其哈萨克斯坦项目的股份。
The company that will be known as Kaz Resources said it plans to sell shares to the public next year through a direct U.S. listing, giving Donald Trump Jr. and Eric Trump a stake in its project in Kazakhstan.
这项拟议的20亿美元交易将为投资者提供另一种途径，支持美国争夺制造弹药、芯片等所需关键材料的竞赛。Kaz Resources的核心资产——一座由哈萨克斯坦国有矿企部分持有的拟建钨矿——是特朗普政府推动改善与该国关系的关键，该国长期处于中俄影响力的夹缝之中。
The proposed $2 billion deal would provide investors another way to back America’s race to secure materials critical for munitions, chips and more. Kaz Resources’ crown-jewel asset, a planned tungsten mine partially owned by Kazakhstan’s state-owned mining firm, is key to the Trump administration’s push to improve relations with a government long wedged between Chinese and Russian influence.
该公司表示，该计划将取代一项待定的合并方案，该方案部分由特朗普兄弟的交易推手促成，并因第一家庭涉嫌利益冲突而招致参议员伊丽莎白·沃伦（民主党-马萨诸塞州）的抨击。据知情人士透露，总统的两个儿子仍将持有Kaz Resources不到1%的所有权股份——若公司估值达到20亿美元，该股份价值将不足2000万美元。
The company said the plan will supplant a pending merger orchestrated in part by the Trump brothers’ dealmakers that had drawn fire from Sen. Elizabeth Warren (D., Mass.) over the first family’s alleged conflicts of interest. The president’s sons are still set to hold an ownership stake in Kaz Resources of below 1%, according to a person familiar with the matter—worth less than $20 million if the company reaches a $2 billion valuation.
这家企业的幕后推手、资深矿业高管皮尼·阿尔特豪斯表示，特朗普父子是被动投资者，他们在公司中没有任何角色。直接上市“是我们成为上市公司更清晰、更快捷的途径。”中国主导钨市场，近年来收紧出口管制导致价格飙升。美国国防部已着手摆脱对这类货物的依赖，拟禁止使用中国钨，并向一家美国生产商投资4.5亿美元。
The Trumps are passive investors and their role in the company is nonexistent, said Pini Althaus, the longtime mining executive behind the venture. A direct listing “is a cleaner, quicker way for us to become a publicly traded company.”China dominates the market for tungsten, and tightened export controls in recent years have sent prices surging. The U.S. Defense Department has moved to wean itself off such shipments with a pending ban on Chinese tungsten, as well as a $450 million investment in a U.S. producer.
“我不会说这完全是恐慌，”阿尔特豪斯说。“但我们在长期钨供应问题上正朝那个方向发展。”据一位知情人士透露，即将成为Kaz Resources的这家公司估计其矿山可生产全球产量的15%，已在与美国公司洽谈出售其金属。该公司正在对该矿区进行可行性研究，并希望于2030年开始生产。
“I wouldn’t say it’s quite panic,” Althaus said. “But we’re getting there around long-term tungsten supply.”The company that will become Kaz Resources, which estimates that its mine could produce 15% of global output, is already in talks to sell its metal to U.S. companies, according to a person familiar with the matter. The company is conducting a feasibility study on the site and hopes to start production in 2030.
一位前美国外交官表示，华盛顿推动阿尔特豪斯在哈萨克斯坦的努力可追溯至拜登时期。特朗普政府在2025年帮助斡旋了与哈萨克斯坦政府的协议，其中包括允许其公司开发该矿区。美国进出口银行和国际开发金融公司已发出意向书，提供高达16亿美元的资金。
A former U.S. diplomat said Washington’s push to boost Althaus’s efforts in Kazakhstan stretches back to the Biden era. The Trump administration in 2025 helped broker deals with the Kazakh government that included his firm’s ability to develop the site. The Export-Import Bank and International Development Finance Corp. have issued letters of interest for up to $1.6 billion in funding.
另外，埃里克·特朗普和小唐纳德·特朗普通过迂回交易获得了该项目的间接股份。
Separately, Eric Trump and Donald Trump Jr. gained an indirect stake in the project through roundabout transactions.
总部位于特朗普大厦的金融公司Dominari Holdings由特朗普两子部分持有，该公司去年帮助牵头投资了香港基建公司Skyline Builders（天际建设）。随后，Skyline同意与阿尔特豪斯的哈萨克斯坦资产合并，组建Kaz Resources，后者将承接Skyline的纳斯达克上市地位。
Dominari Holdings, a Trump Tower-based financial firm partially owned by the sons, helped lead an investment last year into Hong Kong infrastructure company Skyline Builders. Skyline then agreed to merge with Althaus’s Kazakh assets to create Kaz Resources, which would have assumed Skyline’s Nasdaq listing.
特朗普集团发言人此前表示，两子在钨项目中的股份是间接的，且他们未参与交易谈判。他补充称，哈萨克斯坦政府在阿尔特豪斯开始与Skyline洽谈合并前就已授予该项目。阿尔特豪斯在接受采访时表示，他仅在谈判开始后才得知特朗普家族与其项目的关联。
A Trump Organization spokesperson has previously said that the sons’ stake in the tungsten project is indirect and that they had no input in deal talks. He added that the Kazakh government awarded the project before Althaus began discussing a merger with Skyline. Althaus said in an interview that he only learned of the Trumps’ exposure to his project after those talks began.
作为让Kaz Resources上市的新计划的一部分，该合并将被取消。但Skyline股东在公司上市后仍将持有逾四分之一的股份，使包括特朗普家族在内的投资者保留股份。
The merger will be scrapped as part of the new plan to take Kaz Resources public. But Skyline shareholders will still own more than a quarter of the company once it is listed, leaving investors including the Trumps with stakes.
Dominari还同意通过其American Ventures投资工具向Kaz Resources注资3200万美元，据知情人士透露，融资可能涉及寻求钨供应的战略投资者。
Dominari has also agreed to inject $32 million of fresh funding into Kaz Resources through its American Ventures investment vehicle, with financing likely to involve strategic investors seeking tungsten supplies, according to a person familiar with the matter.
Althaus表示，如果议员要求他在国会山出席作证，他将欢迎有机会回答关于其项目以及特朗普家族持股的问题。
Althaus said he would welcome the opportunity to answer questions about his project and the Trumps’ stake if lawmakers request that he appear on Capitol Hill.
“我会感到惊讶，如果我们不被（要求出席）的话，”Althaus说。“这里没有确凿证据。”
“I would be surprised if we weren’t,” Althaus said. “There’s no smoking gun here.”