Rwanda rakes in $362m from mineral exports in 2023

Rwanda's mineral exports have soared to over $362 million between April and June 2023, marking a significant 46.4 percent increase in revenue and a substantial 12 percent rise in volumes compared to the previous quarters. This tremendous growth is a testament to the government's dedicated efforts in the mining sector, particularly in enhancing value addition, diversifying minerals, and professionalizing the industry. CNBC Africa had the opportunity to engage with Narcisse Dushimiman, Head of Mining Regulations and Inspection Department at the Rwanda Mines, Petroleum, and Gas Board, to delve into the factors driving this exceptional performance. Dushimiman highlighted three key pillars driving the sector's success, which include value addition, diversification of minerals, and professionalizing the industry. With various value addition facilities such as tin smelters, gold refineries, tantalum refineries, and gemstone cutting and polishing centers strategically positioned throughout the country, Rwanda has significantly boosted its mineral export numbers. The burgeoning demand for commodities beyond the classic minerals of tin, tantalum, tungsten, and gold has led to the emergence of new market-driven minerals, further fueling Rwanda's export revenue growth. As Dushimiman emphasized, the government's proactive approach to professionalize the sector and enhance productivity through skilled technicians has been pivotal in propelling the sector's success. Gold has emerged as a leading revenue generator, supported by Rwanda's gold refinery and efficient value addition processes. Nonetheless, Rwanda boasts a wide array of minerals that contribute to its thriving mining sector, including tantalum, tungsten, lithium, beryllium, and ambrygonite. The country has strategically targeted key markets primarily in Asia, with significant exports to China, Hong Kong, Belgium, and the USA. However, Rwanda is keen on exploring new markets, including the United Arab Emirates, to further expand its global footprint and maximize export revenues. Looking ahead, Rwanda envisions a robust contribution from the mining sector to the country's GDP, with ambitious targets set to reach $1.5 billion by the upcoming year. With strategies in place, the sector is poised for continued growth and economic contribution. Investors eyeing Rwanda's mineral industry can capitalize on the favorable investment climate, abundant opportunities for value addition, unexploited mines, and the potential for manufacturing mining equipment. Dushimiman's message to investors underscores Rwanda's untapped potential and the promising landscape for mining investments in the country. CNBC Africa commends Rwanda's remarkable strides in the mining sector and looks forward to witnessing further success and growth in the industry.