Rwanda aims to generate $400 million in mining revenues, by 2018
The Rwandan government wishes to generate $400 million from its mining industry, by 2018. This was reported by New Times, citing Francis Gatare, chief executive of Rwanda Mines, Petroleum and Gas Board (RMPGB), who said the State would partner with mining firms to double the country’s mineral productivity in the next two years.
According to Gatare, entities involved in mining activities in Rwanda will take advantage of rising global prices to diversify their products, in order to “maximize gains”.
Since the beginning of the year, cassiterite which was sold at $13,000 a ton between 2015 and 2016, has been fluctuating between $19,000 and $20,000 per ton. As for wolfram, its price rose by about 40% while coltan’s increased by 28%-30%.
The global fall in prices of commodities significantly impacted Rwanda whose exports of cassiterite, wolfram and coltan slumped over the past years to $86.42 million in 2016. This paired with a lack of profitability pushed mining firms to stop investing in their mines.
Rwanda is the world’s leading coltan exporter.