Rwanda Development Board announced that it would be issuing 50 new Mining licenses for metals such as gold, tantalum, and tin. This would help see the country’s investment grow by one fifth.
“We are expecting 50 new licenses this year in different areas, most especially in tantalum, coltan, tin, and Wolfram, and we’re also expecting concessions in gold. The agency plans to advertise the new permits “very soon,” Chief Executive Officer of Rwanda Development Board, Clare Akamanzi told Bloomberg in an interview.
In November, the president of Rwanda, Paul Kagame said that Rwanda seeks to expand its mining industry from 6 percent growth achieved in 2017 to 7 percent in 2018. Clare also said that the board expects to attract about $2 billion of investment in 2018, compared with $1.67 billion last year.
However, Finance and Economic Planning Minister, Amb. Claver Gatete earlier in the month said that Rwanda’s total exports grew by 57.6 percent in 2017 to US$943.5m compared to US$589.7m in the previous year. This significant growth in exports was largely due to mineral exports which grew by over 210%. Gatete said that this was due to the recovery of the commodities’ prices in the international market in 2017. Rwanda’s imports value also shrank by 0.4 percent in 2017 consequently leading to a significant reduction in the trade deficit.
According to the US Geographic Survey, the East African Country is the world’s second-biggest producer of tantalum and the third largest tin miner in Africa.