Rwanda-based mining company Trinity Metals is preparing for a US stock exchange listing that could raise between US$100 million and US$200 million, as it moves to significantly expand production of tin, tungsten, and tantalum across its operations.
The proposed listing, expected to target the New York Stock Exchange within the next 12 to 18 months, forms part of a broader strategy to scale output, modernise infrastructure, and strengthen the company’s position in global critical minerals markets.
US listing to fund major expansion drive
Trinity Metals says proceeds from the planned IPO will be directed toward expanding its mining and processing capacity in Rwanda, where the company operates three key assets.
Chief Executive Officer Peter Geleta said the US was selected due to its deep capital markets and strong investor appetite for critical minerals tied to the energy transition and advanced manufacturing sectors.
The company is seeking to capitalise on rising global demand for secure, traceable sources of tin and tungsten, materials widely used in electronics, aerospace, and defence applications.
Investment plan targets production growth
Trinity Metals has outlined a US$150 million expansion programme over the next three years, aimed at increasing production capacity and improving operational efficiency across its portfolio.
A major component of the plan includes the development of a US$50 million processing facility at the Nyakabingo tungsten mine, which is expected to come online by 2027.
Nyakabingo is regarded as one of Africa’s largest tungsten-producing mines and is central to the company’s growth strategy.
From consolidation to industrial-scale mining
Formed in 2022, Trinity Metals consolidated three Rwandan mining assets:
- Nyakabingo tungsten mine
- Rutongo tin mine
- Musha tin-tantalum licence
Since then, the company has transitioned operations from largely artisanal and semi-mechanised production to more industrial-scale mining systems.
The company reports that output has increased several-fold following upgrades in equipment, processing, and operational management.
Positioning in global critical minerals supply chains
Trinity Metals is increasingly positioning itself as an alternative supplier of “3T minerals” (tin, tungsten, and tantalum) to Western markets amid ongoing efforts to diversify global supply chains away from dominant producers such as China.
The company currently supplies customers across the United States, Europe, and Asia through long-term offtake agreements.
It has also confirmed it does not sell material into China, focusing instead on Western industrial demand.
Lithium exploration adds future growth potential
Beyond its existing operations, Trinity Metals is advancing early-stage exploration of a lithium deposit that could significantly expand its resource base if further drilling confirms initial estimates.
While still at an early stage, the project could position the company to benefit from rising global demand for battery minerals.
Outlook
If successful, Trinity Metals’ US listing and expansion programme could transform the company into a major African critical minerals producer, with ambitions to significantly scale output over the next five years.
The company has indicated that, under its current growth trajectory, it aims to become a multi-billion-dollar mining group.
