CEO Peter Geleta: Trinity Considers New York IPO as Tungsten Prices Surge

Tungsten prices have surged more than eightfold over the past two years, driving Rwanda-focused mining company Trinity to hold discussions with potential advisers and investors regarding an initial public offering, according to CEO Peter Geleta. The company is also considering raising capital ahead of the prospective public listing.

Chinese Export Controls Boost Trinity Cash Projections

The market rally stems from tighter supplies and Chinese export controls on tungsten, a metal critical to defense, aerospace, and industrial manufacturing. Western governments are increasingly seeking alternative sources for the critical mineral to reduce their dependence on China. This supply squeeze has boosted Trinity’s financial standing, with the company expecting to generate about $100 million in cash this year.

Nyakabingo Mine Expansion Plans

Trinity plans to reinvest its cash flow into operations, starting with its immediate focus on the Nyakabingo tungsten mine in Rwanda. Studies for the site are expected to conclude in the first half of next year. The company intends to spend between $60 million and $80 million on a new processing plant and tailings facility at Nyakabingo.

Nyakabingo currently produces between 100 and 120 tonnes of concentrate monthly. Geleta expects production to potentially triple over the next three to five years through mechanization, expanded bulk mining, and the launch of the new processing plant.

US Partnerships Secure Rwandan Tungsten Supply Chains

The company’s operations have already drawn interest from the United States as Washington develops alternative mineral supply chains. 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, which is led by Brian Menell. The US International Development Finance Corporation (DFC) is a TechMet shareholder and has provided Trinity with technical assistance. Trinity is also seeking between $35 million and $50 million in equity funding from the DFC, following an application submitted in 2024.