Rwanda generates US$362 million from mineral exports in second quarter of 2023, gold tops

On 26 July 2023 at 09:46

Rwanda’s mineral exports have hit a remarkable milestone in the second quarter of 2023, raking in a total of US$362,368,845 (approximately Rwf426 billion) in revenue, according to the Rwanda Mines, Petroleum, and Gas Board (RMB).

A standout performer throughout the quarter was undeniably gold, which took the lead as the top revenue generator.

In April alone, Rwanda exported 1,506 kilograms of gold, bringing in an impressive US$ 97,553,111. The momentum continued into May, with 1,520 kilograms of gold worth US$ 99,039,329 being exported. However, the true highlight was June, when Rwanda exported 1,670 kilograms of gold valued at a staggering US$106,100,444. Combining these figures, the cumulative revenue from gold for the entire quarter reached an astonishing US$302,692,884.

Cassiterite, a vital mineral in Rwanda’s mining industry, also made a substantial impact on the country’s mineral export earnings. In April, it generated 388,818 kilograms, amounting to US$ 6,210,054. Though May witnessed a slight decline in production, with 341,533 kilograms valued at US$ 5,202,418, June saw a surge in performance, as Rwanda exported 413,804 kilograms worth US$ 7,400,529. The cumulative revenue from Cassiterite for the entire quarter stood at an impressive US$18,813,001.

Coltan, another valuable mineral, showed steady growth throughout the quarter. In April, Rwanda exported 133,828 kilograms, resulting in revenue worth US$6,296,903. The following month, May, witnessed a notable increase in both volume and value, with 198,787 kilograms worth US$ 9,587,723 exported. In June, Coltan exports reached their peak, with 254,400 kilograms worth US$ 11,930,212. The combined earnings from Coltan in the second quarter amounted to US$ 27,814,838.

Wolfram, also known as tungsten, demonstrated a remarkable upward trajectory in export revenue. In April, Rwanda exported 120,920 kilograms, generating US$ 1,574,123. The subsequent month saw a considerable jump, with 246,920 kilograms worth US$ 3,335,391 exported. By June, Wolfram’s performance peaked, recording 267,595 kilograms worth US$ 3,579,145. Over the entire quarter, Wolfram contributed US$ 8,488,659 to Rwanda’s mineral export revenue.

Besides these major minerals, "Other Minerals" also made a valuable contribution to Rwanda’s export revenue. In April, Rwanda exported 514,820 kilograms, generating US$ 1,233,420. May showed an increase in volume, with 1,357,729 kilograms worth US$ 1,327,094 exported. By June, the volume of "Other Minerals" reached 2,394,688 kilograms, resulting in revenue worth US$ 1,998,947. Over the entire quarter, "Other Minerals" contributed US$4,559,461 to Rwanda’s export earnings.

Gold took the lead as the top revenue generator in the second quarter of 2023.