Could you introduce Trinity Metals to our audience?

Trinity Metals was established in May 2022, bringing together three historic Rwandan mines: Rutongo tin mine, Musha tin and tantalum mine, and Nyakabingo tungsten mine, all located within a 45 km radius of Kigali. These mines, which date back to the Belgian colonial era, had operated independently and changed ownership multiple times over the years. The mission was to resurrect the mines and build a professional international mining company. 

Could you walk us through the progress made in the last two years to revitalize these mines?

We began by establishing robust management systems with proper governance and leadership structures, while also injecting US$35 million into the business. The results have been remarkable: we have increased production by 70% across all three assets, transforming them into cash-positive operations with significant growth potential. For example, when we took over, Rutongo was producing 11 t of tin cassiterite per month; now, it's up to 90 t. Musha's production has increased from 11 to 35 t of tin per month, and Nyakabingo has boosted its tungsten output from 29 to 100 t per month. At current production rates, Rutongo is now Rwanda’s largest and Africa’s second-largest tin producer; Musha ranks as Rwanda's second-largest, while Nyakabingo is the continent's top tungsten producer, contributing 8% of the world’s tungsten supply. Our next step is to establish a qualified reserve and resource statement to demonstrate the long-term potential and valuation of these assets, which we aim to complete by the end of the year. Currently, we are mining only 20% of our concession under a 25-year lease on all three mines, leaving the remaining 80% relatively underexplored. We’re mostly still mining the tunnels originally developed by the Belgians, which means there is ample opportunity to expand beyond them. We are now opening up  virgin ground at all three mines, developing declines at depth, which could potentially double our capacity over the next five years. 

Trinity Metals is also running a lithium exploration program on the Musha concession. Could you provide detail?

In 2018, Musha's exploration team discovered lithium while drilling for tin and tantalum at Ntunga site but lithium wasn't highly valued at the time. Last year, Trinity Metals decided to revisit this potential, funding a drill program that reached 780 m deep. As we near the completion of the first phase of this drill program, we plan to develop a resource model and pursue further drilling, with the exciting possibility of establishing Rwanda’s first lithium mine.

What is your financial strategy?

In February 2023, we approached the U.S. International Development Finance Corporation (DFC), presenting Trinity Metals as an opportunity to secure alternative supply chains of critical minerals. The DFC showed immediate interest and in June this year they granted us US$3.86 million in technical assistance funding. We are very excited about having the DFC’s backing and are confident that this will help us secure further funding from other international investors.

What are some of the ESG aspects you will target with the DFC funding?

Trinity Metals is one of Rwanda’s largest private employers, with 7,300 direct employees across our three operations. 98% of them are from the host communities. Our ESG program focuses first on addressing legacy environmental issues, particularly the cleanup of legacy tailings near rivers and in the valleys, and the construction of modern tailing facilities. 

How about your relationship with illegal miners?

At Trinity, we are running a pilot project at our Nyakabingo mine where we have incorporated 150 illegal miners into the workforce, providing appropriate training and PPE, converting them into professional miners. The project has been so successful that we hope to roll it out at our other sites. 

Do you have a final message for our international readers?

Rwanda is a high potential  mining destination and Rio Tinto’s recent entry will help put the country on the radar of other investors. The government sees mining as a strategic industry and has a mandate to professionalize the industry to global standards. As the largest mining company in the country, Trinity is 100% aligned with the Government's vision for the industry. We can lead the way in transforming the industry and we are well-positioned to grow our production base in Rwanda.