As Tungsten supply chains come under growing scrutiny, New Bugarama Mining Company Ltd. (NBM), a member of the SMR group of companies, is undergoing one of the most significant transformations in its history. From its artisanal beginnings to semi-industrial operations, the Bugarama mine in Rwanda is positioning itself as a credible, responsible, and scalable source of wolframite for the global market.
A mine with deep roots
The Bugarama mine has been part of Rwanda’s mining landscape since the 1950s. Like much of the country’s infrastructure, it suffered significant disruption during the 1990s, and the years that followed were characterised by unstructured, artisanal exploitation. When Specialty Metals Resources (SMR) became involved in 2009, it marked a turning point. Operations were formalised through cooperatives, safety supervision was introduced, and the groundwork was laid for a fundamentally different kind of mine.
For over a decade, production was conducted using hand tools through a network of adits, with NBM providing equipment, infrastructure, and oversight. It was a model that worked within its constraints, but the site’s potential was always bigger than artisanal methods could realise.
Why production declined, and why that’s not the full story
NBM’s production data tells a story that requires context. Output peaked at around 250 tonnes in 2020, then declined steadily towards 2025. On the surface, that trajectory might give pause. The explanation, however, points directly to the opportunity ahead.
The Bugarama site has been heavily exploited above the groundwater level since the 1950s. Decades of artisanal mining have exhausted the near-surface ore bodies. The productive zone that remains lies below the water table, in areas that artisanal methods simply could not reach. NBM’s investment plan is designed to access these virgin reserves, using water-pumping technology already deployed at other Tungsten mines in Rwanda.
The five-year investment plan
NBM has submitted a detailed five-year investment plan to the Rwanda Mines, Petroleum and Gas Board (RMB), which received no objection from the RMB in September 2025. The plan covers the period 2026 to 2030 and allocates capital and operational expenditure across the transition to semi-industrial mining.
The investment is front-loaded, with the largest capital expenditure scheduled for 2026 as the foundational infrastructure work is completed. Operational expenditure grows progressively as production scales, reflecting a plan built around sustainable output growth rather than short-term extraction.
Modernising from the inside out
The transformation at NBM is not limited to what happens underground. Since 2023, the company has been systematically upgrading its corporate operations. The maintenance department has introduced preventive maintenance policies with digitised, cloud-based data management. The warehousing function now runs on Tally software, giving full visibility over inventory, procurement, and critical spares. The accounting department has restructured its controls and is preparing to implement ODOO software in 2026.
On the mining side, NBM adopted Surfer software in 2025 to support mine planning across all adits and tunnels, improving geological interpretation and enabling more precise, data-driven decisions underground.
These changes reflect a broader shift in how NBM operates, moving from informal, experience-led management toward documented processes, digital systems, and structured governance. It is the kind of institutional maturity that underpins investor confidence and long-term operational resilience.
Responsible sourcing as a competitive advantage
NBM’s credentials on responsible sourcing are well established. The company fully complies with ITSCI (International Tin Supply Chain Initiative) standards for mineral traceability, and has attracted the attention of internationally recognised partners, including Fairphone, Levin Sources, and the German broadcaster Galileo.
On the environmental side, NBM operates an on-site tree nursery for reforestation of the mining area, and runs an Early Childhood Development centre for employees’ children in cooperation with UNICEF. Annual corporate sustainability reports have been published since 2023, with pillars aligned to customer expectations: reuse, refurbish, recycle; carbon footprint reduction; fair trade; and zero harm. Beyond the mine boundary, NBM actively supports the surrounding community, sponsoring a local clinic, assisting elderly residents with housing, and funding the schooling of local children. The mine is also entirely electrified, with 90% of its energy sourced from hydropower, significantly reducing its carbon footprint.
NBM has also reached a key investment milestone: the installation of a steel-structured vertical shaft inside the mountain, a first of its kind in Rwanda, marking a decisive step in the transition to semi-industrial operations.
Part of a larger network
NBM sits within the SMR group of companies, alongside Shu Powders and Bluestone. SMR has an off-take agreement with one of Europe’s largest Tungsten refiners, giving NBM access to expert consultancy, whose ongoing technical reports and tailings treatment initiatives have contributed to increased low-cost wolframite production.
For customers of Shu Powders who also source Tungsten, the story at NBM will be a familiar one: a business with strong ethics, a long-term view, and the operational discipline to back it up.
The mine is changing. The fundamentals that matter, like responsible sourcing, community impact, and a clear investment thesis, are not.
