RWANDA – United Kingdom -based TechMet has announced plans to deploy around US$20 million in its Rwanda mining operations in the next two years.
As reported in the New Times, Menell, a South African businessman and owner of Tinco that operates tin and tungsten mining concessions in Rutongo and Nyakabingo in Rulindo District, announced this during a virtual press conference ahead of the Africa Mining Forum.
Welcoming the development, Francis Gatare, chief executive director at Rwanda Mines, Petroleum and Gas Board (RMB), stated, “TechMet’s announcement today is very welcome news indeed. I am looking forward to them quickly concluding their new agreements with Rwanda Development Board (RDB), so that we can begin working with them to redevelop Rutongo Mines, Nyakabingo and other new joint initiatives.”
Tinco is negotiating with the government to overhaul its operations in Rwanda, and secure a purchase share agreement of key industrial mining blocks in the Northern Province, stated the source.
TechMet is a private industrial company that is building controlling or significant minority positions in world-class projects across the technology metal supply chain.
Among its project is the Rainbow Rare Earths, a listed producer of high-grade rare earths concentrate in Burundi.
TechMet has made equity investment and is exploring options with Rainbow to develop downstream processing capacity to turn Rainbow’s high-grade concentrate into high-value rare earth products in Burundi.
Global demand for rare earths is growing significantly, driven by increased use of permanent magnets in EVs, mobile phones and renewables.
The project has major strategic value in creating non-Chinese supply of high-value rare earth chemicals with a captive, long-term feed-stock.
Tinco is the largest tin and tungsten producer in Rwanda with four producing tin mines and one tungsten mine, all with long production histories and geological upside.
TechMet owns 25% of Tinco and has the right to acquire joint control by fully funding an expansion programme to substantially grow production and reduce operating costs.
The expansion will generate significant positive cash flow creating a long-term dividend stream.
Tin was ranked No. 1 in an MIT report of metals most impacted by new technology.
Primarily used as a solder, it is a fundamental ingredient for EVs, energy storage, renewable energy, advanced robotics and computing.
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