{Rwanda has been picked as one of the top 20 most exciting African mineral jurisdictions, according to a report compiled by the Global Business Report; “Mining in Africa Country Investment Guide 2015,”}
The report was released at the ongoing Africa Mining Conference being held in Indaba cape Town, South Africa
Currently mining contributes a meager $136.6 million (Rwf87 billion) as the sector has been growing at a rate of 10 percent since 1999, that has been blamed on untapped potential, inadequate human capital and lack of funds to invest in the sector. But this is set to change especially with the government streamlining the sector.
Mining in the country has been earmarked as one of the pioneer industries for Rwanda to achieve its vision 2020 objectives with the sector expected to grow at a rate of more than 40 percent for the next five years thus; projected to contribute more than $400 million (Rwf260 billion) by 2017.
The report scrutinizes all the five continental regions encompassing 53 countries and mentions the top 20 mining destinations, but it avoids mentioning specific positions, saying that “it is not intended as a formal ranking.”
While Rwanda is new on the African mining playing field, it remains the world’s fourth largest producer of tantalum and shows similar potential for several other minerals, the report said.
“Where Rwanda’s mining sector lacks volume and capacity, the country has made significant strides in implementing regulatory reform in an effort to woo international investors,” it added.
The remark comes at a time when Rwanda was the first country in the Great lakes region to issue the ICGLR certificate for the exportation of minerals.
Government has set aside more than 20 potential mines in the country that are set to be exploited as soon as funding is obtained.
The streamlining came into effect after the government passed a law that enables the introduction of a 4 percent royalty tax on the value of basic metals and a 6 percent levy on precious metals and gems mined in the country.
As for the human resource, the government expects to roll out its first set of graduands in the field by year’s end as a result of the Technical Vocational Education Training (TVET) undertaking.
A bunch of students are taking part in Geology studies at IPRC college in Kicukiro and are expected to boost the wanting human capital that has only 44 grandaunts of mining engineering and geology combined.
The report also has East African neighbors Uganda, Tanzania and Kenya with Southern Africa having the biggest number of countries with eight.
West Africa is represented by seven nations while North Africa has no country in the top 20.
Global business report is an International ranking body based in the Asian country of Singapore.
{{Source: Rwanda Eye}}
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