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Kagame, Rio Tinto CEO discuss partnerships and investment opportunities in mining sector

By IGIHE
On 17 January 2024 at 09:26

President Paul Kagame engaged in discussions with Jakob Stausholm, CEO of global mining giant Rio Tinto, on the sidelines of the World Economic Forum in Davos on January 16. The focus of the meeting was on forging partnerships and exploring investment opportunities in Rwanda’s mining sector.

Rio Tinto, a leader in mineral exploration and processing, previously expressed interest in investing up to $7.5 million in Rwanda’s mining industry.

In August 2023, Rio Tinto, alongside UK-based Aterian and Kinunga Mining, entered a joint venture agreement to explore lithium in Rwanda. The agreement allows Rio Tinto to invest $7.5 million in two stages, potentially earning a 75% interest in the license for exploring critical minerals crucial for the global shift to renewable energy.

Identifying 19 pegmatite zones in Southern Province for lithium, caesium, and tantalum over 2,750 hectares, the joint venture project aligns with the growing demand for lithium, projected to reach 1.5 million tonnes in 2026.

Rwanda’s mineral export revenues have seen substantial growth, reaching $851.6 million from January to September 2023, a 45.6% increase compared to the same period in 2022.

With the government targeting $1.5 billion in annual mineral export revenues by 2024, Rwanda’s mineral reserves, valued at over $150 billion, play a pivotal role in the country’s economic aspirations.

President Kagame received Jakob Stausholm, the CEO of Rio Tinto and accompanying delegation on the sidelines of the World Economic Forum held in Davos.

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