Rwanda’s Trinity Metals Plans US Listing to Expand Tin, Tungsten and Lithium Operations

Trinity Metals is preparing for a potential United States stock market listing aimed at raising between US$100 million and US$200 million to accelerate expansion of its tin, tungsten and tantalum operations in Rwanda.

The company is targeting a listing on the New York Stock Exchange within the next 12 to 18 months as global demand for critical minerals continues rising amid efforts by Western economies to diversify supply chains away from China.

According to Peter Geleta, the company sees New York as the preferred listing destination because of strong investor appetite and liquidity for critical minerals projects.

Rwanda positioning itself in critical minerals supply chains

Growing demand for tin, tungsten and tantalum — commonly referred to as 3T minerals — is increasing international interest in Rwanda’s mining sector.

These minerals are widely used in electronics, defence technologies and energy transition supply chains, while geopolitical tensions are driving increased demand for traceable and non-Chinese mineral sources.

Trinity Metals consolidated three mining assets in 2022, including the Nyakabingo tungsten mine, the Rutongo tin operation, and the Musha tin-tantalum licence.

The company has since focused on transforming previously undercapitalised artisanal operations into industrial-scale mining projects.

Production expansion underway

According to Geleta, Trinity has already quadrupled production across its operations and plans to invest around US$150 million over the next three years in new processing infrastructure and mine development.

A major focus is the Nyakabingo mine, regarded as Africa’s largest tungsten operation, where a new US$50 million processing plant could become operational by the end of 2027.

The company aims to triple monthly tin and tungsten production to approximately 300 metric tonnes each within the next three to five years through mechanisation and underground mine expansion.

China export restrictions support market demand

Geleta said strong tungsten prices continue supporting Trinity’s growth strategy following export restrictions introduced by China, which controls roughly 85% of global tungsten supply.

The tighter supply environment has increased demand from Western buyers seeking alternative sources of critical minerals.

According to the company, all of Trinity’s current production is exported to markets including the United States, European Union and Thailand, with no supply currently going to China.

The company added that long-term supply agreements are already in place with Western customers.

Lithium exploration could transform company valuation

Beyond 3T minerals, Trinity is also advancing exploration of a significant lithium deposit estimated at between 70 million and 100 million tonnes at grades exceeding 1%.

If confirmed through additional drilling, Geleta said the resource could rank among the world’s top ten lithium deposits.

The project positions Rwanda within the rapidly expanding global battery minerals market as electric vehicle and renewable energy demand continues increasing.

Geleta said the company believes it could become a billion-dollar mining business within five years if it secures sufficient investment capital to accelerate development plans.