Rwanda’s Trinity Metals targets $200M US listing to boost tin, tungsten output

Rwanda’s Trinity Metals is planning an international listing to raise $100–$200 million as it steps up expansion of its tin, tungsten and tantalum mines and pushes ahead with what could become one of the world’s top lithium deposits, its CEO told Reuters.

Surging demand for the metals, known as 3T and used in electronics, defence and energy supply chains, is driving a shift toward traceable, non-Chinese sources, putting Rwanda’s 3T mining belt near Democratic Republic of Congo in sharper focus.

Trinity consolidated three undercapitalized assets in 2022 – the Nyakabingo tungsten mine, Rutongo tin operation and Musha tin-tantalum licence – and has been converting largely artisanal sites into industrial-scale operations.

Output has quadrupled and the company is targeting a New York Stock Exchange listing within 12-18 months to tap rising Western demand for critical minerals as supply chains shift away from China, chief executive Peter Geleta said on the sidelines of the Africa CEO Summit in Kigali.

“We’ve made the decision to list …. Our preference is New York given the liquidity and appetite for critical minerals.”

Not affected by conflict

Fighting in eastern Congo has disrupted regional business, but Trinity has not been affected, Geleta said.

The company expects to invest about $150 million over the next three years in processing plants across its mines, including at Nyakabingo – Africa’s largest tungsten operation – where a $50 million plant could come online by end-2027, boosting output.

Trinity aims to triple tin and tungsten production to about 300 metric tons per month each within three to five years, driven by mechanization and new underground development.

Geleta said strong prices, particularly for tungsten, underpin the strategy after China – which accounts for about 85% of global supply – curbed exports, tightening markets.

“All our production goes to the US, Europe and Thailand … we don’t supply China,” he said, adding long-term contracts were already in place with Western buyers.

The company is also advancing exploration of a lithium deposit estimated at 70-100 million tons at more than 1% grade, which Geleta said could rank among the world’s top 10 if confirmed by further drilling.

“We can easily become a billion-dollar company within five years with the right investment,” he said.

(By Maxwell Akalaare Adombila; Editing by Mark Potter)