Minerals fetch over $300 in eleven months

On 27 December 2017 at 12:50

Rwanda Mines, Petroleum and Gas Board Chief Executive Officer, Francis Gatare has said that mining sector earned the country with over $300 million within the first eleven months of 2017.

Gatare was speaking in Burera District last weekend as ‘Wolfram Mining and Processing’, a mining company, marked 10-year anniversary operating in Rwanda.

He said that the income is attributed to the rise of prices, especially of minerals like coltan, Wolfram and Cassiterite on the international market.

“People in mining sector had this year targeted to double last year’s income from mining production and we have so far observed that we are about to hit the target,” Gatare said.

“In the past five years, reports show that we had averagely earned $200 million from mining each year. Today, we have not documented all months of the year but we had accumulated $300 million until November as we target $350 million by the end of the year,” he added.

He said the increased production in 2017 was motivated by the rise of prices on the international market.

As prices on the market motivated dealers, Gatare said, institutions in charge increased efforts in campaigns that aimed at sensitizing miners to timely take their whole production to the market.

Gatare explained that in a bid to export value-added minerals, they sensitized miners to embrace good sifting techniques.

There was a slight decrease of income from mining over the past years as they generated $226 million in 2013, $206 million in 2014 and $150 million in 2015. The production was revamped and generated $200 million in 2016.

The Government targets annual revenues worth $400 million from mining by 2017/2018 fiscal year and Rwf1.5 billion by 2024 under the Government Seven-Year Programme.

Rwanda Mines, Petroleum and Gas Board Chief Executive Officer, Francis Gatare