According to the WSJ, Kaz Resources, which is developing a tungsten mine in Kazakhstan, plans a direct listing in the United States in 2027 at a valuation of about $2 billion; a previously planned merger with Nasdaq-listed company Skyline Builders has been withdrawn. The U.S. Export-Import Bank (EXIM) and the International Development Finance Corporation (DFC) have each issued letters of interest for financing of up to $900 million and $700 million, respectively (totaling $1.6 billion; disbursement has not yet been approved). The project is designed to produce about 12,000 tonnes of tungsten per year, roughly 15% of global output in 2025, with the goal of starting production in 2030. Two of Donald Trump's sons indirectly hold less than a 1% stake through Dominari Holdings and are not involved in management. For the metal powder industry: China dominates global tungsten supply and export controls are tightening, while U.S. capital is accelerating investment in overseas tungsten mines to hedge supply chain risks—tungsten powder is a key material for cemented carbide and high-end manufacturing, and changes in the upstream mine supply landscape warrant industry attention.