The Ministry of Natural Resources (MINIRENA) and Rwanda Mining Association have revealed that mineral price volatility on international markets since 2013 has undermined the extraction of minerals in the country.
The minister of state in charge of mining at MINIRENA, Imena Evode noted that mineral exports earned Rwanda more than USD 226 million in 2013, USD 206 million in 2014 and USD 150 million in 2015.
During the general meeting of Rwanda Mining Association held early this week, the minister attributed the decline of Rwanda’s earnings to price volatility at international market.
The president of Rwanda Mining Association, Jean Malic Kalima said that the drop of mineral prices saw almost 200 miners suspending their activities and financial institutions continue to decline extending loan facilities though talks are ongoing.
Rwanda targets to increase revenues from the mining sector to USD 400 million by 2017.
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