The Rwanda Mines, Petroleum and Gas Board (RMB) has announced in a report the mineral export revenues for the second quarter of 2023, covering the period from April to June. 

The revenue from mineral exports increased by an astounding 46.4% and the volume of exports rose by a significant 12% between the first and second quarters of 2023, according to the data. The overall weight of mineral exports during this time was 6,638,538 kg, which was worth about $362,000,000.

The report highlighted the performances of different mineral commodities in terms of value in dollars. According to the report, more than $302 million (almost Rwf 356 billion) was made from gold exports, making it the most profitable resource, surpassing cassiterite, coltan, wolfram, and other minerals.

During the same period, the country exported more than 1,144 tonnes of cassiterite, valued at over $18.8 million which is about Rwf 22 billion. 254 tonnes of coltan were exported, which brought in $27.8 million (about Rwf 32.6 billion), while over 635 tonnes of wolfram brought in $8.4 million (around Rwf 10 billion).

Also, 4,267 tonnes of other minerals accounted for more than $4.5 million (more than Rwf 5.3 billion) of the total revenue from mineral exports.

Over $772 million in total mineral export revenue was earned by Rwanda in 2022, a significant increase from $516 million in 2021.

By 2024, the nation hopes to generate $1.5 billion in yearly mineral export profits as part of its lofty objectives. In order to do this, the government works hard to entice investment in the mining industry and promotes Rwanda as a center for regional processing and trading.