Rwanda’s mineral export earnings reached $609 million (over Rwf716 billion) in the first six months of 2023, according to the regulator of the country’s mining sector.
Mineral export revenues have increased from $71 million in 2010 to over $772 million in 2022. The government targets $1.5 billion in annual mineral export revenues by 2024.
The mining sector remains Rwanda’s second-largest export revenue earner after tourism and hospitality.
Revenues from minerals exports in the second quarter of 2023 were $362 million, up from $247 million in the first quarter, according to Rwanda Mining, Petroleum and Gas Board (RMB).
“If this upward trend continues, the mining sector is poised to achieve the [2024] target of $ 1.5 billion,” the RMB said in a statement sent to The New Times.
Investments in mineral processing, value addition, an increasing number of professional miners, and mineral diversification have been the leading factors to the rise in revenues.
“Miners are using mechanization as the use of artisanal tools is gradually phasing out,” the statement said.
In addition to gold, cassiterite, wolfram and coltan, Rwanda looks to increasing exports of other minerals such as amblygonite, lithium, and beryllium.
According to the Rwanda Development Board (RDB), there are 22 tonnes of gold reserves and 110 million tonnes of rare earth minerals, such as lithium, beryllium, uranium, and iron ore.
The export of about 4.7 tonnes of gold alone raked in over $302.6 million between April and June 2023.
The country exported more than 1,144 tonnes of cassiterite, valued at over $18.8 million (approximately Rwf22 billion), during the same period.
Coltan exports, amounting to 254 tonnes, generated $27.8 million (around Rwf32.6 billion), while over 635 tonnes of wolfram yielded $8.4 million (around Rwf10 billion).
Other minerals, weighing 4,267 tonnes, contributed more than $4.5 million (over Rwf5.3 billion) to the overall mineral export revenue.
The rise in export earnings was also slightly due to increased prices, observed Frank Butera, the executive secretary of Rwanda Mining Association.
To maintain the increase in mineral export revenues, Butera said a conducive working environment is paramount by putting in place laws and regulations that enables doing business.
He said the government should facilitate miners to have access to finance, and enhance mechanisation of the mining sector.
Yamina Karitanyi, RMB’s chief executive said in March that merging small mining operators could be a key factor in turning them into financially capable groups and enable the sector to increase production.
