Mineral exports fetch $70m

Rwanda’s mineral exports have hit a record $70 million mark in a period of nine months, Sunday Times has learnt. This was revealed during the Minister of Mineral’s and natural resources, Vincent Karega’s recent familiarisation tour of various geological and mining centres. According to last year’s report, the mining sector churned up $70.6 million but in an evaluation done of revenues earned up to September, it emerged that the sector had fetched $70 million so far, and indicates that it might reach $100 million by the end of the year. “Despite the world credit crunch, by the end of September this year, the mining sector had brought in 70 million dollars already. We are optimistic that by the end of the year we shall hit a record $100m,” said Dr Michael Biryabarema, the Director General of Rwanda Geology and Mining Authority. During his speech, the Minister urged stakeholders and investors in the mineral industry to strive towards developing the capacity to add value to them. In an interview together with Dr Biryabarema, Karega further underscored that the minerals’ potential in economic development is increasing, citing the example of a Canadian businessman who is negotiating to mine peat and transform it into energy to generate over 15 megawatts. “We have more than two hundred million tonnes of dry pit, even if we mine only 20 million tones, it can be a big addition to our energy,” pointed Baryabarema. “Apparently we have capacity of mining up to 1000 tones of pit, but with more capacity we can do a lot more than that,” he added. The minister encouraged stakeholders and investors in the mining industry to form partnerships with other companies to ease their operations and upgrade capacity. He said this while responding to challenges faced by Phoenix Metal Company, a foreign firm dealing in tin processing but had stopped smelting due to high cost of production accruing from sharp rise in the hike of electricity costs. The Minister visited the mineral laboratories at the Geology and mining authority headquarters in, the earthquake detector (symological station) at KIST, a Tin processing factory in Karuruma, and a mineral plant in Shirongi district in the Northern Province. Ends