Mineral export earnings from January to September 2023 totalled $851.6 million (approx. Rwf1.6 trillion), up from $584.8 million (approx. Rwf731.24 billion) in the same period of 2022, representing a growth of 45.6 per cent, a report by Rwanda Mines, Petroleum and Gas Board (RMB) has indicated.

ALSO READ: Rwanda poised to meet $1.5bn mineral export target

The government targets $1.5 billion (approx. Rwf1.8 trillion) in annual mineral export revenues by 2024.

The nine months means three quarters among four of 2023. The figures for the fourth quarter will be released towards the end of January 2024, according to the board.

Revenues in first quarter

The mineral export revenues for the first quarter of 2023, covering the period from January to March generated $247.4 million (approx. Rwf309.43 billion) from 5,925,199 kilogrammes.

ALSO READ: Rwanda’s mineral exports fetch over $240m in first quarter of 2023

Cassiterite generated 316,093 kilogrammes worth $5.4 million (approx. Rwf6.7 billion) in January, 320,555 kilogrammes worth $5.3 million (approx. Rwf6.5 billion) in February, and 363,701 kilogrammes worth $5.9 million (approx. Rwf7.3 billion) in March.

Coltan has demonstrated a substantial increase in export revenues, reaching 124,514 kilogrammes worth $5.9 million (approx. Rwf7.3 billion) in January, and 138,205 kilogrammes worth $6.9 million (approx. Rwf8.6 billion) in February, and 213,065 kilogrammes worth $11.4 million (approx. Rwf14.2 billion) in March.

Wolfram generated 129,407 kilogrammes worth $1.7 million (approx. Rwf2.1 billion) in January, 211,449 kilogrammes worth $2.9 million (approx. Rwf3.6 billion) in February, and 231,844 kilogrammes worth $3.2 million (approx. Rwf4 billion) in March.

Gold generated 870 kilogrammes worth $53.2 million (approx. Rwf66.5 billion) in January, 745 kilogrammes worth $46.5 million (approx. Rwf58.1 billion) in February, and 1,465 kilogrammes worth $90 million (approx. Rwf 112.5 billion) in March.

Other minerals contributed 2,545,274 kilogrammes worth $5.1 million (approx. Rwf6.3 billion) in January, 500,971 kilogrammes worth $872,302 (approx. Rwf1 billion) in February, and 827,041 kilogrammes worth $2.2 million (approx. Rwf2.7 billion) in March.

Revenues in second quarter

From April to June 2023, Rwanda exported 6,638,538 kilogrammes worth $362 million (approx. Rwf452.8 billion).

Gold generated $97.5 million (approx. Rwf121.9 billion) in April, $99 million in May (approx. Rwf123.8 billion), and $106 million (approx. Rwf132.5 billion) in June.

ALSO READ: Rwanda’s mineral export revenues rise by 52%

Cassiterite generated $6.2 million (approx. Rwf7.7 billion) in April, $5.2 million (approx. Rwf6.5 billion) in May and $7.4 million (approx. Rwf9.2 billion) in June

Coltan generated $6.2 million (approx. Rwf7.7 billion) in April $9.5 million (approx. Rwf11.8 billion) in May, and $11.9 million (approx. Rwf14.8 billion) in June.

Wolfram generated $1.5 million (approx. Rwf1.8 billion) in April, $3.3 million (approx. Rwf4.1 billion) in May and $3.5 million (approx. Rwf4.3 billion) in June.

Revenues in third quarter

The drop in mineral prices in the third quarter is primarily due to two factors according to the mining board.

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

"These include an oversupply of commodities and a decrease in demand. The oversupply was caused by a period of high prices, which encouraged producers to increase production.”

However, the board noted, this led to a build-up of inventory, which eventually drove prices down.

The decrease in demand is largely due to the global economic recession.

As industries cut back production, they are purchasing fewer minerals.

This has further pressured prices to fall.

"Many mineral trading suppliers do not have supply contracts, and those who do have contracts are experiencing delayed payments from buyers. This is further squeezing the profitability of the sector and contributing to the downward pressure on prices,” reads part of the report.

Over the past three months, gold prices have been unfavourable, leading gold dealers to hold onto their stock until prices stabilise.

Now, with the improvement in gold prices, there has been an increase in gold exports.

Due to ongoing conflicts, many businesses are opting to maintain their wealth in gold reserves. As a result, gold prices are projected to continue their upward trend.

Lithium exploration

On November 28, the Rwanda Mines, Petroleum and Gas Board (RMB) and Trinity Metals Group, launched a lithium exploration project worth Rwf3 billion beneath the rolling hills of Musha sector, Rwamagana District.

Three mining companies merge

After two years of negotiations, three locally registered mining companies have merged to create the largest mining firm in the country, Trinity Metals Group.

The merger is expected to significantly scale up the production of tin, tantalite, and tungsten minerals in Rwanda.

The merger involves Rutongo Mines Ltd, Eurotrade International Ltd, and Piran Rwanda Ltd, which are already mining the three minerals as well as the exploration of lithium.

The new firm announced it would be investing up to $30m (approx. Rwf37bn) which will be used to open new mining concessions, purchase mining equipment and improve infrastructure, among others.

RDB unveils mineral reserves seeking investors for value addition

Rwanda is looking for investment to add value (processing) to minerals mined in the country. The country presents opportunities to establish other processing plants such as tungsten, lithium, and gemstones cutting and polishing and other mineral processing.

At least $50 million (approx. Rwf62 billion) is needed to establish other processing plants. RDB noted that there are currently 1,439,602 tonnes of tin, tantalum, and tungsten (3Ts) reserves for a few recently explored sites showing the potential for value addition.

Rwanda is one of the world’s largest producers of tin, tantalum, and tungsten (3Ts).

In only a few recently mapped sites, RDB added, there are also 22 tonnes of gold reserves as well as 110,633,610 tonnes of rare earth minerals, lithium, beryllium, uranium, and iron ore.

Rwanda’s mineral reserves present an economic potential of $150 billion (approx. Rwf186 trillion) that can be realised by employing modern exploration and exploitation techniques.

Rwanda maps 1,200 sources of industrial minerals, building materials

An inventory carried out by the Rwanda Mines, Petroleum and Gas Board (RMB) has revealed that there are over 1,200 sources of industrial minerals and quarries for construction materials in Kigali City, satellite cities, and secondary cities, calling for proper management of the resources while developing cities master plans.