Rwanda's mineral exports rake in record high $1bn in 2023

Rwanda's mineral export revenue in 2023 increased to more than $1.1 billion, up from the $772 million recorded in 2022, representing a growth of 43 percent, according to the mining board. ALSO READ: Rwf2bn disbursed to communities through mining revenue sharing scheme This is a step closer to achieving the government’s target of generating $1.5 billion in annual mineral export revenues by 2024. According to Rwanda Mines, Petroleum and Gas Board (RMB), the growth is attributed to increased value addition, continued professionalism, greater investment in mechanisation and the strategic implementation of sustainable and responsible mining practices. ALSO READ: 2023 recap: A look at Rwanda’s mineral returns Mineral export earnings for the fourth quarter of 2023 (October to December) reached $252.99 million, marking a 34.9 percent increase compared to the same quarter in 2022. Some of the outstanding minerals that pushed the exports include gold, of which 1,015 kilograms generated $62.1 million in October, 823 kilograms worth $52.9 million in November, and 1,320 kilograms worth $87.5 million in December. ALSO READ: Rwanda’s mining sector ‘holds $150bn potential’ Cassiterite generated 431,035 kilograms worth $6,487,192 in October, 416,231 kilograms s worth $6,274,000 in November, and 446,342 kilograms worth $6,923,495 in December. Coltan generated 159,297 kilograms worth $6,907,161 in October, 128,887 kilograms worth $5,364,535 in November, and 180,393 kilograms worth $6,630,391 in December. Wolfram generated 182,099 kilograms worth $2,293,588 in October, 183,395 kilograms worth $2,296,577 in November, and 274,493 kilograms worth $3,298,468 in December. Other Minerals have also contributed 1,229,563 kilograms worth $1.1 million in October, 1,725,993 kilograms worth $1,720,701 in November, and 819,833 kilograms worth $1,064,737 in December. In December 2023, Yamina Karitanyi, the CEO of RMB, announced that Rwanda’s mineral reserves present an economic potential of $150 billion (approx. Rwf186 trillion) that can be realised by employing modern exploration and exploitation techniques. Communities hosting mining activities have benefited from infrastructure and various other projects worth up to Rwf2 billion distributed through revenue-sharing schemes. The money was spent between 2019 and 2023 on projects such as water and electricity supply, medical facilities, and roads.

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Rwanda's mineral exports rake in record high $1bn in 2023