(Ecofin Agency) - Rwanda's subsoil is rich with mineral resources valued at $150 billion, according to official figures. The country is already a producer of gold, coltan, and cassiterite and is now venturing into lithium exploration. In 2022, export revenues reached $772 million, showcasing the country's growing significance in the global mining industry.

Rwanda collected $1.1 billion in mining revenues last year, marking a 43% increase year-over-year. The good performance was announced by the Rwanda Mines, Petroleum and Gas Board (RMB) on February 15, attributing the growth to increased investments in mining mechanization and added value enhancements.

RWANDA'S MINERAL EXPORT EARNINGS FOR 2023 pic.twitter.com/rFDL2u3fud

— Rwanda Mines,Petroleum and Gas Board (@RwandaMinesB) February 15, 2024

Breaking down the figures, gold remained the leading export mineral, generating $817 million in revenue, accounting for 74% of the total, according to calculations by Agence Ecofin. Coltan brought in $94.3 million in export earnings, with the rest stemming from cassiterite, tungsten, and other minerals.

This remarkable performance in 2023 edges Rwanda closer to the government's ambitious target of generating $1.5 billion in mining revenues by 2024. RMB's data suggests the economic potential of the country's mineral reserves could reach $150 billion.

Let’s recall that in December, Rwanda took a step forward by signing an agreement with the European Investment Bank (EIB) to explore funding opportunities for developing critical mineral projects in the country. This move not only highlights Rwanda's strategic positioning in the mining sector but also underscores its commitment to leveraging its mineral wealth for economic growth and development.