East African country Rwanda has set its target for the mineral export revenue this year to $600 million, after encountering a successful year of the same in 2017. The nation hopes to produce 10,000 metric tons of mineral exports to reach the target in 2018.
Rwanda Mines, Petroleum and Gas Board recorded $373 million in exports earnings in 2017, exceeding the figures in the previous year where they raked in $166 million from exports earnings. The mining sector has expanded its operations leading to an increase in production.
Courtesy of the global high prices, mining sector in Rwanda was able to harvest a humongous revenue. It is believed the prices for the commodities went up and resulted in the high earnings. The high and competitive prices are set to remain unchanged giving Rwanda a cutting edge in their next production year.
This has been termed as one of the best performances by the sub-Saharan state, watering down the speculations about the fertility of East Africa’s mining sector early this year. Investors were wary of the mountain of risks they could be involved in by investing in the sector but could be proved rather wrong.
Tantalum and Gold prices shot up in 2017 among other commodities worldwide that affected the prices. Rwanda took advantage of the situation, increasing the exports of gemstones that played a vital role in foreseeing the success of the mining sector in Rwanda. Gemstones is a precious commodity with a highly-rated value in the market.
This year, with the global prices remaining unchanged Rwanda hopes to make the best out of it to remain competitive in the market. More investors are still needed in the country’s sector to facilitate the operations and move the sector forward. Globally, Rwanda is a vital country in the mining sector possessing close to 815 mining sites.