Category: Business

The appeal was made by the Minister of Foreign Affairs and International Cooperation, Olivier Nduhungirehe, at the Africa Energy Forum (AEF) 2026 in Cape Town, South Africa. During the forum, Rwanda officially launched the Rwanda Energy Compact, a targeted initiative designed to channel foreign and domestic private capital into the country’s fast-growing energy sector.

Nduhungirehe stressed that deeper private sector participation is vital to bridging the funding gap for the country’s utility ambitions.

“To achieve this, we need greater involvement from the private sector. Private-sector investment remains relatively low, and we need to increase it to about $1 billion to ensure that every Rwandan has access to electricity,” Nduhungirehe said.

The Minister emphasized that expanding the power grid is foundational to Rwanda’s broader macroeconomic goals, particularly localized industrialization.

“We understand that energy is not an end in itself; it is a tool for development. Rwanda is a developing country at the heart of Africa, and we need to industrialize. We must build a vibrant economy with strong industries that can produce locally made goods, helping to reduce our trade deficit,” he noted.

The Rwanda Energy Compact also serves as a framework to promote regional grid integration across East Africa. Nduhungirehe called for cohesive public-private frameworks that look beyond domestic borders.

“Ultimately, our goal is to ensure that Africa produces enough energy to sustain its industries and enable the continent to become the global economic powerhouse it has the potential to be,” he added.

A 30-year energy transformation

Rwanda’s energy landscape has undergone a dramatic shift over the past three decades, with domestic electricity access soaring from just 1% in 1994 to 86% today.

Under the Rwanda Energy Group’s (REG) 10-year strategic framework, the government aims to expand total installed capacity to 1,066 megawatts (MW). A robust pipeline of diverse energy projects is already underway to meet this target:

Key domestic projects include the 43.5 MW Nyabarongo II Hydropower Plant, the 9.7 MW Rukarara VI project (currently 26% complete), and the 0.91 MW Nyirahundwe plant (71% complete). Regionally, Rwanda is partnering with Burundi and the Democratic Republic of Congo on the 206 MW Rusizi III project, alongside ongoing feasibility studies for the expansion of the operational Ntaruka Hydropower Plant.

Unique extraction projects at Lake Kivu continue to anchor baseline power. The KivuWatt and Shema Power Lake Kivu facilities currently supply 82 MW, accounting for roughly 21% of national generation. The government plans to scale methane-based capacity to 100 MW.

Solar energy is poised to take a larger share of the national energy mix through upcoming projects, including the 30 MW Mpanga Solar PV plant in Kirehe District, a massive 200 MW Nyabarongo II Solar PV project, and the 4.13 MW Izuba CB Energy plant.

Overall, Rwanda estimates that a total of $3.2 billion will be required to fully implement its 10-year national energy strategy. The government plans to secure the remaining balance through a mix of concessional loans, green bonds, carbon credits, and climate-finance instruments.

In a statement released on Wednesday, June 17, the company said exports from the Nyakabingo mine have increased steadily since a commercial agreement signed in August 2025 between Global Tungsten & Powders (GTP) and Trinity’s offtake partner, Traxys.

Since then, more than 320 tonnes of high-grade tungsten concentrate have been shipped from Rwanda to GTP’s processing facilities in Towanda, Pennsylvania, where the material is refined into tungsten powders used in America’s defence and industrial sectors.

According to Trinity Metals, supplies to GTP doubled over the past month, enabling the company to account for up to one-fifth of the United States’ average monthly primary tungsten consumption.

The development comes at a time when demand for tungsten, a critical mineral used in defence systems, aerospace, electronics, manufacturing and other high-tech industries, is rising globally.

Trinity Metals Chairman Shawn McCormick said the company’s expanding exports are becoming increasingly important as the United States seeks to diversify its supply of critical minerals.

“Demand for tungsten in the US is growing fast, both for defence and industrial applications. With that growth, import requirements for primary tungsten concentrate are increasing, while US domestic production remains at zero,” McCormick said.

He noted that China’s restrictions on exports of tungsten for dual-use purposes have increased the strategic value of alternative suppliers.

“China, which controls over 80% of the supply of tungsten units worldwide, has restricted exports of tungsten for dual-use purposes, making Trinity Metals’ supply from Rwanda increasingly important for American national security and that of its allies,” he said.

McCormick added that Rwanda is well-positioned to strengthen its partnership with the United States in the critical minerals sector.

“As Rwanda’s largest mineral producer and exporter, Trinity Metals is proud to support Rwanda’s role in helping to meet America’s strategic requirements, and given the ever-growing importance of critical minerals, we see a clear opportunity for the creation of a US-Rwanda Strategic Partnership Agreement on Critical Minerals as exists with other countries on the continent,” he stated.

Beyond its current export expansion, Trinity Metals is also advancing major growth plans, including a proposed listing on the New York Stock Exchange within the next 12 to 18 months. Chief Executive Officer Peter Geleta told IGIHE that the board has already approved preparations for the Initial Public Offering (IPO), which could raise between $100 million and $200 million or more, depending on comparable global mining debuts.

Geleta said the listing forms part of a broader transformation strategy aimed at scaling the company into a mechanised, industrial-grade producer.

He also revealed that Trinity Metals is simultaneously preparing a $150 million domestic investment programme to build modern processing plants across its mining operations in Rwanda. The initiative is expected to strengthen value addition locally while supporting expansion of production capacity.

According to Geleta, the combined strategy will also support deeper exploration of the company’s newly discovered Ntunga lithium deposit on its Musha concession, positioning Trinity Metals to diversify beyond tungsten, tin and tantalum into battery minerals.

Traxys, the New York-headquartered commodities trader that markets Trinity’s production internationally, described the ongoing partnership as helping extend Rwanda’s reach into major global markets.

“Traxys is proud to be the catalyst in enabling the international reach of Africa’s most significant tungsten producer, Trinity Metals’ Nyakabingo Mine. The product is distributed to established blue-chip consumers in the American and European markets,” said Ioannis Kallinikos, Head of Tin and Specialty Metals at Traxys.

Trinity Metals said the achievement reinforces its position as a leading supplier of fully traceable, certified conflict-free and child labour-free tungsten, while supporting supply security for the United States and its allies. The company also plans to triple production over the coming years.

Formed in 2022 through the merger of the historic Nyakabingo Tungsten Mine, Rutongo Tin Mine and Musha Tin and Tantalum Mine, Trinity Metals is Rwanda’s largest producer and exporter of conflict-free critical minerals. The company employs more than 6,500 people and also owns the prospective Ntunga lithium project.

The company was the first operating mine in Africa to receive technical assistance funding from the U.S. International Development Finance Corporation (DFC), securing $3.865 million in 2024. Its major shareholder, TechMet Ltd., is partly owned by the DFC.

Located on a 1,600-hectare concession, the Nyakabingo mine is estimated to contain more than 30,000 tonnes of recoverable tungsten, with ongoing deep drilling aimed at expanding the resource. Current production exceeds 100 tonnes of wolframite per month, containing between 65 and 70 percent tungsten trioxide (WO₃).

Chief Executive Officer Peter Geleta told IGIHE that the twin milestones aim to transition the company into a mechanised, industrial-scale producer capable of advancing deep-drill exploration of a major newly discovered lithium deposit.

The upcoming Initial Public Offering (IPO) on the New York Stock Exchange (NYSE) follows a definitive decision by the company’s board, with Geleta noting that the listing could raise between $100 million and $200 million or more based on comparable global mining debuts.

Scaling up tin production

Trinity Metals currently produces tin from its Rutongo and Musha mines at a combined rate of about 70 tonnes per month. This output is expected to remain stable this year while the company actively implements its long-term growth strategy.

Geleta noted that the company is currently putting down large underground declines across the sites, a development that will allow larger mining equipment to extract significantly higher volumes. Additionally, the company is conducting metallurgical testing and study work required to build dedicated processing plants at each mine.

Over the next three to five years, these modernisations are projected to push combined production from the current 70 tonnes to 100 tonnes per month in the medium term, eventually peaking at 300 tonnes per month once the plants are operational and the new ground is fully mechanised.

Expanding Africa’s largest tungsten mine

At the Nyakabingo mine, recognised as Africa’s largest tungsten operation, the company produced an average of just over 100 tonnes of tungsten last year, with a similar volume expected this year.

The company is currently finalising feasibility studies for a new processing plant, utilising South Africa-based engineering consultancy Obsideo. The study is on track to be completed by the end of this year.

“If we get the investment in, which we believe we will, we will start building the process plant next year,” Geleta said. “By the end of next year, we’ll be using the process plant, which will lead to a big increase in production.”

The incoming processing facility, combined with deep production ground opened up by major underground declines developed since October 2024, is part of a broader plan to scale Nyakabingo’s output to 300 tonnes per month within the next three to five years.

To support these downstream value-addition transitions, Trinity Metals plans to invest an estimated $150 million over the next three years to construct process plants across its operations. Each facility, which includes necessary tailings infrastructure, will require an investment of over $50 million.

Deep-drilling uncovers major lithium potential

Beyond its traditional 3T minerals, Trinity Metals is advancing exploration for lithium following a highly successful 2024 drilling campaign. The company drilled up to 800 meters deep, the deepest holes ever recorded in Rwanda, uncovering excellent deposits.

Initial geological modelling suggests estimated reserves of between 70 million and 100 million tonnes at an average grade of over 1%. If verified through an upcoming secondary drilling phase, the asset could rank among the top 10 lithium deposits in the world.

However, Geleta emphasised that immediate lithium mining is a secondary priority. The company’s immediate focus is on maximising output at its currently producing assets to generate the necessary cash flow to reinvest into further large-scale exploration.

Tantalum production temporarily paused

Concurrently, the company has not mined tantalum since 2022. The pause is strategic: Trinity’s tantalum reserves are located exclusively at the Musha mine in the Eastern Province, sitting directly within the massive, newly discovered lithium footprint.

The company plans to resume tantalum extraction in tandem with the future lithium rollout once the necessary exploration and extraction frameworks are finalised.

Financial position and global supply shifts

Geleta highlighted that Trinity Metals has grown significantly over the past four years and is completely debt-free, a factor that makes it highly attractive to international markets. He noted that under the right investment structures, the company holds the long-term potential to become a $1 billion entity within three to five years.

The company’s commercial strategy aligns heavily with Western supply chains, supplying high-grade tin and tungsten to long-term buyers in the United States, Austria, and Thailand under strict contract arrangements.

According to the firm, exports from Nyakabingo Tungsten Mine now account for up to 20% of all primary tungsten concentrate used in the US. Since the August 2025 agreement with Global Tungsten (GTP) and Traxys, Trinity Metals has shipped more than 320 tonnes of high‑grade concentrate to GTP’s Pennsylvania facility, powering America’s defence and industrial supply chains. Deliveries to GTP have doubled month-on-month.

Global supply shifts, particularly reduced tungsten exports from China, which controls an estimated 85% of global supply, have driven up commodity prices, directly benefiting Trinity Metals’ reinvestment capability.

Geleta noted that the current economic environment is boosting international interest in diversifying critical mineral supply networks, placing transparent, traceable partners like Rwanda in sharp focus.

With a workforce of 6,000 private employees, Trinity Metals stands as one of Rwanda’s largest private employers.

Geleta, a mining veteran with over 40 years of international experience across firms like Anglo American, Barrick Gold, and Acacia Mining, believes Rwanda is systematically positioning itself as a dominant and professionalised critical minerals hub.

The figures were released on Tuesday during a briefing attended by the Minister of Finance and Economic Planning, who highlighted ongoing structural shifts in the economy and the continued importance of agriculture despite its declining share of GDP.

According to NISR, Gross Domestic Product (GDP) at current market prices was estimated at Rwf 6.3 trillion in Q1 2026, up from Rwf 5.3 trillion recorded in the same period of 2025.

The services sector remained the largest contributor to the economy at 52%, followed by industry at 24%, agriculture at 19%, while net direct taxes accounted for 5%.

Industry overtakes agriculture in GDP share

Officials noted that industry has now surpassed agriculture in its contribution to GDP, reflecting a continued structural transformation of the economy.

Speaking at the briefing, the Minister of Finance and Economic Planning said the shift in sector shares is clearly visible in the data.

“You can see it clearly in the numbers. Agriculture is now at 19% of GDP, not even 20% anymore. Services stand at 52% and industry at 24%. So industry has now surpassed agriculture, and services is almost more than double agriculture,” the minister said.

He added that this does not diminish the importance of agriculture in the economy.

“Evidently, the output we see in GDP is increasingly moving away from agriculture. But that should not be misunderstood, it does not mean agriculture is not important. Agriculture remains extremely important for two main reasons: food security, because without food no other sector can function, and as a key input into food processing, manufacturing, and restaurants,” he said.

He further noted that although agriculture’s share has declined, its absolute value continues to rise.

Sectoral performance detailed

All major sectors recorded positive growth in Q1 2026. Industry grew by 13%, services expanded by 7%, and agriculture increased by 8%.

Within agriculture, food crop production rose by 3%, while export crops increased by 39%, supported by an 86% surge in coffee production. Tea production, however, declined by 3%.

The industrial sector was boosted by mining, manufacturing, and construction. Mining and quarrying increased by 20%, supported by a 50% rise in mining production. Export minerals showed strong performance, with cassiterite exports increasing by 31%, coltan exports surging by 125%, while wolfram exports remained unchanged compared to Q1 2025.

Manufacturing activities grew by 15%, driven by strong increases in metal products, machinery and equipment (52%), non-metallic mineral products such as cement and bricks (57%), chemicals, rubber and plastic products (21%), and wood, paper, and printing products (22%). Construction activities also expanded by 11%.

Services sector shows mixed performance

The services sector grew by 7%, supported by wholesale and retail trade, which increased by 11%, and transport services, which also rose by 11%. Within transport, air transport grew by 7% and land transport by 10%.

Information and communication services increased by 22%, financial services grew by 11%, and administration and support services expanded by 20%. Education services recorded a modest growth of 3%.

However, some sub-sectors declined, including hotel and restaurant services, which fell by 16%, public administration, which decreased by 1%, and health services, which dropped by 18%.

Drivers of agricultural growth

Agriculture’s 8% growth was attributed to a combination of favourable weather, improved farming practices, expanded irrigation, and sustained government support for fertilizer access.

The minister emphasized that multiple factors contributed to the sector’s performance.

“The strong growth in agriculture is the result of many factors, not just fertilizer. The government has been very consistent in supporting fertilizer availability. However, this growth also comes from good weather and climate conditions during the season, improved agricultural practices, and increased irrigation. It is a combination of government efforts, farmers’ efforts, and favourable weather,” he said.

Global outlook and fuel prices

On global economic conditions, including developments around the Strait of Hormuz, which has been affected in recent months by tensions involving Iran, the United States, and Israel, the minister cautioned that stability remains uncertain.

“We have seen initial agreements regarding the situation in the Middle East, which is positive. However, our principle is to wait and see. We want the agreements to hold and to be sustained over a long period,” he stated.

He added that global supply chain disruptions continue to affect energy markets.

“Even if everything is resolved today, there is a backlog of issues in global supply chains. We will continue to feel the effects of the previous disruptions until the global business and supply chain community clears the backlog stuck in the Gulf,” he added.