The Rwandan mining industry continues to grow at an ever-increasing rate, as the country’s mineral export earnings exceed expectations.
Speaking at a mining conference this week, the Chief Executive at Rwanda Mines, Petroleum and Gas Board (RMB) announced that mineral export earnings in Rwanda reached more than $300 million – a significantly higher figure than projected targets.
Over the course of 2017, the government confirmed that Rwanda’s mineral exports reached $373 million – more than $100million more than its target of $240 million.
The news comes at a time where Rwanda’s mining industry, which is currently the country’s second largest foreign exchange earner after tourism, continues to grow.
Earlier this year, the Rwanda Development Board (RDB) announced that it would issue 50 new licences to mine metals such as gold, tin and tantalum, as it bids to attract close to $2 billion in foreign investment into the sector in 2018.
That announcement came soon after the RDB confirmed that throughout 2017, Rwanda had registered more than $1 billion in investments into the country.
The government has set an ambitious target of reaching $600 million in export earnings.