The Rwanda Mines, Petroleum and Gas Board (RMB) has announced that mining business is expected to earn the country with $600 million (over Rwf510 billion) in 2019.
This was revealed yesterday as RMB officials discussed with Parliamentary National Budget and Patrimony Committee on the Budget for Fiscal Year 2018/2019 and Budget Framework Paper 2018/2019-2020/2021.
RMB Chief Executive Officer, Francis Gatare said that the board wants to promote mining sector for its increased contribution to the country’s economy.
Mining sector earned Rwanda a total of $373 million from 7,000 tonnes of minerals last year.
Gatare said they target to double the income next year through promoting professionalism in mining operations.
“We shall increase income from exported minerals up to $600 million and increase the quantity of production up to 10,000 tonnes,” he explained.
As a way to increase production, Gatare said that they will conduct research on 13 new concessions where they will extract minerals.
The board also targets to venture into decent mineral business by partnering with experienced business people. Gatare said that in line with the promotion of mining sector, the Government has banned flippant miners by denying them working permits.
The government targets to increase annual income from mineral exports to $800 million in 2020 and $1.5 billion in 2024.
In 2015, Rwanda registered the largest mining production in the Great Lakes Region with 840 tonnes from 815 quarries followed by the Democratic Republic of Congo.