Rwanda’s Trinity Metals is considering a listing in New York as a sharp rise in tungsten prices allows the miner to raise capital and accelerate its expansion.
- Trinity Metals, boosted by soaring tungsten prices, is seriously considering a New York IPO to raise capital for rapid expansion.
- The Rwandan mining company is in talks with advisers as US interest grows due to tungsten’s strategic importance and recent Chinese export controls.
- Immediate investment will focus on the Nyakabingo mine, targeting a new $60–$80 million plant and aiming to triple production within five years.
- Trinity has drawn attention from the US government, exemplified by its first tungsten export to Pennsylvania, and is pursuing up to $50 million in equity funding from the DFC.
The company has started discussions with potential advisers and investors over an initial public offering, according to CEO Peter Geleta, who said Trinity is also considering raising money before the listing.
Trinity has been preparing for a public listing since Geleta became CEO in 2022, according to Reuters. The timing has become more attractive as tungsten, a metal critical to defence, aerospace and industrial manufacturing, has surged in value.
Tungsten prices have increased more than eightfold in the past two years following tighter supplies and Chinese export controls. The supply squeeze has also made the metal increasingly important to Western governments looking to reduce their dependence on China for critical minerals.
For Trinity, the price rally comes as it prepares to invest heavily in its Rwandan operations.
Rwanda mine could triple production
Its immediate focus is the Nyakabingo tungsten mine, where studies are expected to be completed in the first half of next year. The company plans to spend between $60 million and $80 million on a new processing plant and tailings facility.
Nyakabingo currently produces between 100 and 120 tonnes of concentrate each month. Geleta expects production to potentially triple over the next three to five years as Trinity introduces mechanisation, expands bulk mining and brings the new plant online.
The mine has already attracted interest from the US as Washington looks to develop alternative sources of tungsten. Last October, the first shipment of Rwandan tungsten concentrate arrived at Global Tungsten and Powders’ processing facility in Pennsylvania under a partnership involving Trinity, GTP and Traxys.
Trinity is majority-owned by TechMet, led by Brian Menell. The US International Development Finance Corporation is a TechMet shareholder and has provided Trinity with technical assistance.
The company is also seeking between $35 million and $50 million in equity funding from the DFC, following an application made in 2024.
Trinity expects to generate about $100 million in cash this year and plans to reinvest much of it into the business. Its longer-term goal is to establish modern processing plants at all three of its Rwandan mines — Nyakabingo, Rutongo and Musha — within five years.
