In 2023, Rwanda's mining sector marked a year of remarkable achievements. The first eleven months saw a sharp increase in mineral export earnings reaching $999 million and representing a 46.3 % increase compared to the same period in 2022.
The stellar performance in mineral export earnings was accompanied by the launch of a flagship three-year mineral exploration campaign and the completion of a comprehensive GIS inventory for industrial commodities. Collaborative efforts were evident in the joint assessment of industrial and construction materials with international partners.
Thanks to the One Stop Center, RMB streamlined the license application process, coupled with improving compliance with health, safety, and environmental standards. This conducive environment attracted major international mining companies, including Rio Tinto, signaling global confidence in Rwanda's mining sector.
The sector now boasts a stable, competitive and transparent regulatory environment - a key factor in attracting foreign investment and fostering local entrepreneurship in mining. Untapped lucrative opportunities still abound for investments in setting up refineries for lithium and tungsten as well as establishing modern facilities for cutting and polishing gemstones.
This story is from the April - May 2024 edition of Forbes Africa.
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This story is from the April - May 2024 edition of Forbes Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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