The US may not allocate $1.6 billion to Trump's tungsten project in Kazakhstan.
According to Bloomberg, creditors are concerned about the project's prospects and geopolitical risks, including Kazakhstan's proximity to China and Russia.
In September 2025, Commerce Secretary Howard Lutnick met with Tokayev in New York. Trump himself joined the phone call.
During this conversation, the US side received consent from Kazakhstan for a little-known company to gain access to one of the world's largest undeveloped tungsten deposits.
Then no one said: "Wait, where is Kazakhstan anyway? "On the contrary, the Trump administration has approved initial requests for federal funding of up to $1.6 billion.
Trump's sons received a 20% stake in a related structure, and Lutnik was not offended either.
And now it suddenly became clear that Kazakhstan is near China and Russia, which is a risk. Geopolitical risk is a convenient wording. He refrained from saying outright that we are not sure that this project will pay off, or that we do not want to appear as if we are pouring public money into the businesses of the president's sons. Especially in light of the Republican loss.
Kazakhstan, in fact, has always been between China and Russia, and has not moved anywhere. And $1.6 billion is up in the air.