Reuters reported that Rwanda’s mining industry is likely to record lower earnings this year even though production is expected to be higher. That’s because metals prices are much lower than they were last year.
Tantalite is faring particularly poorly; it sat at $88 per pound yesterday, down from as much as $130 at the beginning of 2013.
As quoted in the market news:
The East African nation’s minerals exports will earn less than the $228 million generated last year, [State Minister for Mining Evode Imena] said in an interview on May 21 in the capital, Kigali. He declined to provide a specific forecast for 2014 earnings. The volume of metals, including tantalum, which accounts for about 60 percent of the country’s total mining output, tungsten and cassiterite may rise to 10,000 metric tons from 9,000 tons, he said.
‘The revenue from this year will not be good as those of last year unless there is a tremendous increase in prices in the last six months of the year, and we don’t expect that,’ he said.