Officials at the Rwanda Minerals, Petroleum and Gas Board (RMB) have expressed optimism that this year will end with the mining sector registering $1 billion (approx. Rwf 1.2 trillion).

According to data from RMB, in the first three quarters of the year, the mining sector fetched $851.6 million, thanks to a remarkable increase in the production of tin, tantalum, and tungsten (3Ts), gold, lithium, and gemstones which generated a 45.6 per cent increase in mineral export earnings compared to last year.

ALSO READ: Rwanda’s mineral exports rake in $241m in third quarter

As the country waits for the results of the fourth quarter, RMB’s CEO Yamina Karitanyi, says the sector "is on track to achieve its $1 billion projection.”

This year’s growth shows "that the mining sector is poised to continue its upward trajectory, contributing significantly to the nation's economic growth and prosperity,” Karitanyi stated during the opening of the mining week on Monday, December 4.

She said Rwanda has positioned itself as an ideal mining investment destination, thanks to the investment-friendly ecosystem, competitive mining legal and regulatory framework, transparent policies, and a steadfast commitment to health, safety and environmental standards.

ALSO READ: Gold tops Rwanda mineral exports

The National Strategy for Transformation (NST1) sets an ambitious target for the mining sector to become a $1.5 billion industry by 2024.

Speaking at the mining week event, Prime Minister Edouard Ngirente said the government recognises the potential of the industry as the country’s economic backbone, particularly in revenue generation and job creation.

"Achieving it (the 2024 target) requires concerted efforts to enhance compliance with industry standards, invest in cutting-edge technologies, and give priority to human capital development,” he said.

In alignment with the country’s vision for mining, RMB has this year embarked on a three-year mineral exploration campaign into previously identified 52 Potential Targeted Areas (PTAs) to determine the mineral inferred resources, further clarifying the quantity and quality of these resources.

This is expected to guide the targeted promotion of the mineral value chain, and significantly increase investments.

"To achieve this, we call on all our stakeholders, partners and mining industry players to continue fostering more strategic partnerships in order to contribute to our sector’s growth. RMB needs a robust mining sector which will play its rightful role in contributing to Rwanda’s economic growth,” Karitanyi said.

She noted that though the country is celebrating achievements, officials acknowledge that there are challenges in regulation and compliance.

In the past five years, significantly due to illegal mining, at least 429 lives were lost and some 272 others injured.

Besides that, mining investors say they are facing challenges related to finance since banks never give them any loans.

"They don’t give us credit. You should ask them to start trusting us,” Amiel Mpendahende, an owner of three mining concessions in Ngororero and Rusizi, told the Prime Minister.