The targeted earnings will be attributed to collaboration between the government and different mining cooperatives countrywide.Francis Gatare, the CEO of Rwanda Mines, Petroleum and Gas Board (RMPGB), revealed that the production over the past years will be doubled up in the following two years thanks to this collaboration according to Agence Ecofin.
Rwanda earns at least USD 166 million but now targets USD 800 million by 2018. The targeted earnings are could be possible according to different views from different officials working in the mining sector.
According to Jean Malic Kalima, the president of Rwanda Mining Association (RMA) says that from the beginning of 2016, they price of Cassiterite(tin) has upped from USD 13000 per ton between 2015 and 2016 to USD 19000 or 20 000 per ton in 2017.
And about Wolfram, the price has increased by 40 per cent while Coltan’s price has increased between 27 and 30 per cent. Before the year 2015, a ton could be priced rated between USD 21000 or 22000
There is also hope from Innocent Mulindahabi, the president of COPABAMANYA, a mining cooperative that works with Coltan and Cassiterite mines in Bugesera District, the mines’ price increase is likely in the coming two years.
He says that the cooperative extracts 2 tons per month, while he found the prices have been increasing during the past years, as Cassiterite, for instance, which earlier cost USD 4000, is now costing USD 7000.
The fact that the price is increasing boosts the hope that the production of mining exploitation will also increase, meaning that more mining materials will be used to increase the production while workers will be recruited and given a job, as a result.
The price hike of mines on international market has affected Rwanda’s mines value as Cassiterite, Wolfram, and Coltan’s production slowed down to USD 86.42 in 2016
The National Bank of Rwanda previously announced a slight price hike of mines in Rwanda on international market which slowed down to USD 86.42 million in 2016 from USD 117. 81 in 2015.
Figures from the National Institution of Statistics of Rwanda show that the country has exported 13, 990, 034 Kilograms of Coltan, Wolfram and Cassiterite comparing to 16 357 478 kilograms in 2014.
This pushed different mining firms become less interested in investing their money in mining due to doubts over whether they could lose the money they would invest in the sector.
Rwanda is reportedly the first country source of Coltan in the world is reportedly earned the country USD 149 082 443 in 2015, USD 210,680,316 in 2014 and USD in 2013.