Lithium Mining Company launched in Rwanda
The government of Rwanda through Finance Minister Dr. Uzziel Ndagijimana launched a lithium mining company.
The firm was dubbed “Trinity Metals” from a merger of three mining companies that deal in Tin, Tantalite, Tungsten and Lithium exploration. The three include; Rutongo Mines Ltd, Eurotrade International Ltd and Piran Rwanda Ltd.
The company was created in May 2022 by the pooling of three projects at Rutongo, Nyakabingo and Musha. The majority shareholder is Techmet, a private UK industrial company, and the US Development Finance Corporation (DFC) has a 15% stake. The Rwandan government holds 5% and has a seat on the board.
Investing in mining
The US $30 million merger now employs more than 5000 people. The company Chairman, Shawn McCormick, said the firm aims to further expand their mines, introduce new equipment and upskill workers in the next coming years.
“We are mindful of our workers’ safety and emphasize best safety protocols and environmental systems to ensure that our people and the environment are not hurt,” said McCormick.
The mining sector is the country’s second-largest export revenue earner after tourism, and Rwanda’s ambition to boost it lies in local mineral value addition. Last year, 2022, excluding gold, recorded mineral exports amounted to only a little more than US$200 million.
In a move aimed at branding Rwanda as a destination for investment in mining, Government is appealing to investors to invest their financial resources in exploration and processing of lithium, a rare metal. In Rwanda, Lithium has been traced in different parts of the country including Rwanda has at least six known deposits of lithium, including Ngororero, Muhanga, Karongi, Bugesera and Rwamagana. To realize the potential of the mining sector, Ndagijimana called for use of technology to increase productivity in extraction; thinking about employees and environment protection.
