Rwanda signs Mining Contracts worth $38 million with Investors‎

The Rwandan Government has signed more contracts with mining companies to boost the country’s production and exports, the state minister in charge of mining has said.

The minister, Evode Imena, said the contracts, signed between the Ministry of Natural Resources, Rwanda Development Board (RDB) and the investors, are aimed at bolstering exports by at least 28 percent. The total investment, according to the minister, is estimated at almost $38 million for the next five years.

“Under the agreement, investors are required to continue exploration works, develop world class infrastructural facilities and oblige to their social corporate responsibilities.They will have to adhere to the environmental protection procedures as stipulated by the national mining policy guideline,” Imena said.

Francis Gatare, the chief executive officer of RDB, said attracting private investors into the mining sector remains the government’s top priority as a way of boosting foreign revenues. He further urged investors to embrace private equity as a main source of finance for long-term returns, in order to make the mining sector more competitive and boost the country’s external trade.

Early this year, six more private mining companies were given the green light to manage Gatumba Mining Concession.

The companies are expected to invest $8.7 million in the next five years to extract 3,300 tonnes of mixed tantalum, tin and tungsten ores from 10 blocks of the former Gatumba Mining Concession in Ngororero and Muhanga Districts.

Source: New Times Rwanda

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