Trinity Weighs IPO as Tungsten Prices Surge Eightfold
Tungsten Market Surge Triggers IPO Talks
Tungsten prices have surged more than eightfold over the past two years, climbing on tighter supplies and Chinese export controls. That dramatic market shift has prompted Trinity to start discussions with potential advisers and investors regarding an initial public offering, CEO Peter Geleta told Reuters.
The company has been preparing for a public listing since Geleta took the helm in 2022. That timeline has accelerated as Western governments look to secure alternative supply chains for critical minerals used heavily in defense, aerospace, and industrial manufacturing.
Trinity Plans Investment to Triple Nyakabingo Mine Production
Trinity’s operations center on Rwanda, where the company plans to invest heavily to ramp up output. The immediate focus rests on the Nyakabingo tungsten mine. Studies for that site are slated for completion in the first half of next year, paving the way for a $60 million to $80 million investment in a new processing plant and tailings facility.
The Nyakabingo mine currently yields between 100 and 120 tonnes of concentrate monthly. Mechanization and bulk mining expansions are projected to potentially triple that production over the next three to five years once the new plant comes online.
Washington Pursues Supply Chains Outside China
Washington has already signaled strong interest in sourcing the metal outside of China. Last October, the first shipment of Rwandan tungsten concentrate arrived at Global Tungsten and Powders’ processing facility in Pennsylvania. That delivery resulted from a partnership involving Trinity, Global Tungsten and Powders, and Traxys.
Trinity Seeks US Equity Funding for Regional Growth
TechMet holds a majority stake in Trinity, led by Brian Menell. The US International Development Finance Corporation participates as a TechMet shareholder and has provided technical assistance to Trinity alongside a pending equity funding application.
Trinity submitted an application to the US International Development Finance Corporation in 2024, seeking between $35 million and $50 million in equity funding. This capital injection would support the firm’s broader ambitions across its regional footprint.
Trinity Will Reinvest Cash into Three Rwandan Plants
Cash generation for the year is projected to reach approximately $100 million, with management planning to reinvest a significant portion back into the firm. The five-year roadmap includes establishing modern processing plants across all three of Trinity’s Rwandan mining assets, which comprise Nyakabingo, Rutongo, and Musha.