Trinity Metals is talking to potential advisers and investors for a US initial public offering as surging tungsten prices bolster the Rwandan miner’s plans to expand output.
The company has been working toward a listing since Chief Executive Officer Peter Geleta took the helm in 2022 and is now reaching the point where it’s ready for public markets, he said in an interview. It’s also in talks with investors, mainly in the US, about a possible pre-IPO fundraising.
“We’re leaning strongly toward a US, New York listing,” Geleta said, without offering a valuation.
Tungsten costs more than eight times what it did two years ago, before China imposed export controls, tightened shipments to Japan, and stepped up purchase of scrap from overseas. The metal — used in defense, aerospace and industrial applications — is now a focus of the West’s push to build secure mineral supply chains.
Read more: US Takes $450 Million Stake in Tungsten Firm to Counter China
Washington has eyed mineral-rich Central Africa, mediating a peace deal between Rwanda and the Democratic Republic of Congo that called for greater economic cooperation — including investment in mining. So far, however, that push has largely failed to stem the deadly conflict in eastern Congo.
Production Plans
Trinity’s majority shareholder is TechMet Ltd., an investment firm led by Brian Menell. The US International Development Finance Corp. is a TechMet shareholder and has provided Trinity with technical-assistance funding. Trinity is still in talks with the DFC over a $35 million to $50 million equity investment it applied for in 2024.
Read More: US Miner Signs Rwanda Tungsten Deal to Grow Western Supply
The company’s immediate investment priority is its Nyakabingo tungsten mine, where Trinity expects to complete studies in the first half of next year before starting construction of a processing plant and tailings facility costing between $60 million and $80 million.
Nyakabingo currently produces 100 to 120 tons of concentrate a month, but that could triple in three to five years with mechanization, bulk mining and the new plant, Geleta said. Some of what Nyakabingo produces is shipped to Pennsylvania, where it’s processed into powders for defense and industrial uses.
Soaring prices have reduced Trinity’s need for outside funding, according to Geleta, who said the company will reinvest the $100 million in cash it expects to generate this year.
Trinity ultimately wants modern plants at all three of its Rwandan mines — Nyakabingo, Rutongo and Musha — within five years. It is also stepping up exploration across its operations, including for tungsten and tin, while Musha offers potential growth in tantalum and lithium. The company has considered acquisitions elsewhere in Africa, but Geleta said its existing operations remain the priority.
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