Rwanda, Oman-based firm sign $39m mining deal

The government has signed three large-scale mining agreements with Tri Metals Mining (Rwanda) Limited to undertake mining operations in Bisesero, Karongi District. The deal was signed by Evode Imena, the Minister of State in charge of mining in the Ministry of Natural Resources, and the Rwanda Development Board’s (RDB) chief executive officer Francis Gatare, on behalf of the government while Tariq Al Barwani, the Managing Director of Mawarid mining Company signed on behalf of the investor. Tri Metals is a subsidiary of Mawarid Mining LLC a wholly owned subsidiary of MB Holding Company LLC registered in the Sultanate of Oman. With an estimated project value of $ 39 million, Tri Metals will carry out mining operations to extract mainly Cassiterite (Tin),Niobo-Tantalite (Tantalum and Niobium) and Wolframite (Tungsten) in Bisesero concessions in the Western Province. Speaking to the press shortly after the signing, Gatare noted that the deal will contribute significantly to the increase of Rwanda’s mineral exports. “Rwanda has various types of mineral deposits and we are looking forward to showcase investment opportunities in the mining sector while working with our partners to develop and enable more investments in this sector”. Bisesero concession is one of the largest Rwanda has had for so long, dating way back to 1830, according Minister Imena, and it has been changing investors ever since. In 2013 Rwanda invited interested parties to take over the Bisesero concessions, after dividing it into three blocks—with an intention of getting optimal development of the mine, Imena said. “Through a long process, Rwanda secured the deal with Mawarid company which will begin exploration, as soon as they can,” said Imena, adding that the government will facilitate the company in whatever is needed to ensure seamless work process. Journalists ask questions after signing the MoU in Kigali yesterday. (Faustin Niyigena) The agreements underline the responsibilities of both the investor and the government of Rwanda with respect to the mining operations and grants permission to the investor to be able to operate in Rwanda. “The government is committed to supporting investments in the mining sector targeting to increase the sector’s production and value addition,” Imena added. Available figures indicated that Rwanda reaped about $140 million in 2015 from the mining sector. Tariq Al Barwani, the Managing Director of Mawarid mining Company, said the concession agreement period would last for five years, adding that this is the right time to explore regardless of the mineral price fluctuations on the international market. “We will start with expropriation process tomorrow (today) and the mining works will begin as soon as everything that has to do with corporate social responsibilities are done,” said Barwan. Recent studies by the natural resources authority identified areas in Rwanda that are rich in mineral deposits and show that the potential for more underground wealth is higher than previously estimated. Minister Imena noted that Rwanda’s mining sector has seen growing interest of investors, with about 50 mining license applications received annually for the last 4 years. “We have a growing number of companies coming and that’s what we want because we still have more to explore, in terms of minerals,” he said. editorial@newtimes.co.rw

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Rwanda, Oman-based firm sign $39m mining deal