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Reuters reported that Rwanda has signed mining contracts with six companies to exploit 10 mining concessions that will generate up to $45 million in five years, a move that is part of a privatization drive.
Reuters reported that Rwanda has signed mining contracts with six companies to exploit 10 mining concessions that will generate up to $45 million in five years, a move that is part of a privatization drive.
As quoted in the market news:
Mining, which the government says contributes 1.5 percent of its $7.9 billion gross domestic product, is Rwandaâs second-biggest foreign income earner after tourism, with metallic ore coltan bringing in the most money.
Annually for five years from 2017, Rwanda expects to produce 3,200 tonnes of mixed tantalum, tin and tungsten ores from the concessions, or around 30 percent of total production, Evode Imena, state minister for mining, told a news conference.
âFor the whole country, (last year) the mining revenues were at around $216 million and for these six companies coming for the next five years they will be producing around $40 million to 45 million, which is considerable,â Imena said.
The concessions are in the western part of Rwanda and will bring in investments of about 6.5 billion francs ($9 million).
Five of the companies awarded concessions are owned locally and one is Indian owned.