Trinity Metals is sounding out potential advisers and investors as it readies a US initial public offering, with most investor conversations happening stateside. Chief Executive Officer Peter Geleta, who took over in 2022, said the company is approaching the point where it can go public and added, "We're leaning strongly toward a US, New York listing." Alongside the IPO work, the miner is also exploring a pre-IPO raise with investors, mainly in the US.
Following China's export restrictions, reduced shipments to Japan, and heavier purchases of overseas scrap, the price of tungsten is now over eightfold higher than it was two years ago. The metal is used across defense, aviation, and broader industrial end markets, and it has become central to Western efforts to secure critical mineral supply chains. Some of the Nyakabingo output is shipped to Pennsylvania, where it is processed into powder form serving defense and other industrial applications.
Critical minerals are drawing capital as supply chains get redrawn. Market Briefs covers mining and metals free every weekday.
The immediate spending priority is Nyakabingo. Trinity expects to wrap up studies by mid next year, then move ahead with building a processing plant and a tailings facility budgeted at $60 million to $80 million. Nyakabingo currently turns out 100 to 120 tons of concentrate per month. Geleta said production could reach about triple current levels within three to five years as mechanization, bulk mining and the planned plant come online.
TechMet Ltd. is Trinity's majority owner. TechMet itself counts the US International Development Finance Corp. as a shareholder, and the DFC has supplied Trinity with support for technical assistance. Trinity remains in talks with the DFC about an equity investment of $35 million to $50 million it applied for in 2024.
The price rally has eased the company's need for external capital, and Geleta said Trinity plans to reinvest the $100 million in cash the business expects to generate this year. The goal is to have modern processing facilities installed at all three Rwandan mines - Nyakabingo, Rutongo and Musha - inside five years. Meanwhile, exploration is being ramped up for tungsten and tin, with Musha also showing potential for tantalum and lithium.
The company has looked at deals elsewhere in Africa, but says upgrading its current operations remains the main focus.
If Trinity hits its milestones - studies at Nyakabingo, construction, and any pre-IPO funding - you could soon see a new US-listed play on critical minerals with production growth tied to Rwanda. The upside case leans on sustained tungsten prices and execution on new plants across Nyakabingo, Rutongo, and Musha, while the timing hinges on project progress and capital decisions.
Tungsten is one of those inputs almost nobody notices until it is scarce. Join Market Briefs free and follow the boom.
