RWANDA: NEW FIRM TO INVEST $30 MILLION IN MINERAL PRODUCTION
Last Updated on March 24, 2023 by Grace Amos
- Three locally incorporated mining companies merged to create Trinity Metals Group.
- The new firm is the largest in the country, creating 5000 jobs for Rwandans.
Three Rwandan-incorporated mining companies have merged to create Trinity Metals Group, the largest mining company in Rwanda after two years of discussions, as the merger is anticipated to significantly scale up the production of tin, tantalite, and tungsten minerals in the country.
Rutongo Mines Ltd, Eurotrade International Ltd, and Piran Rwanda Ltd are the companies involved in the merger and they are already mining the three minerals as well as the exploration of lithium. Trinity Metal Group declared it would be investing about $30 million – approximately Rwf30bn – which among other things, will be used to start up new mining concessions, Purchase mining equipment, and improve infrastructure.
The new firm is now one of the biggest employers of labor in the country, creating almost 5000 job opportunities for Rwandans with the majority from the local communities surrounding the mining operations.
An official launch of the merger was held on Thursday, where the Minister of Finance Uzziel Ndagijimana congratulated the companies for teaming up and taking a step that required leadership, boldness, and foresight innovation from all the parties involved. He said, “these qualities that you demonstrated are the exact ones needed to take our mining sector to new heights”.
The minister pointed out that the mining industry still has a ways to go before it realizes its full potential, despite being the second-largest contributor to export earnings. He emphasized that Rwanda has put in place a legal, regulatory, and institutional framework to support the mining industry and would keep enhancing it to encourage investment in accordance with its goal of accelerating the modernization and value addition of the sector.
The CEO of Rwanda Mines, Petroleum, and Gas Board (RMB), Yamina Karitanyi disclosed that the merger comes at a time when the board is focusing on creating partnerships and consolidation of small mining operators. She said, “this is with an aim to turn them into financially capable groups to raise capital, enabling the sector to afford the infrastructure and to increase productivity while complying with environmental standards”.
According to the CEO of Trinity Metals, Peter Geleta, the company is dedicated to upgrading Rwandan mines to international standards. In the following five years, Geleta said, they will increase their investments in mining by opening up additional mining sites, with a particular focus on the safety of their employees, the communities near the mines, and the environment.