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LFHCK a.k.a LiFeHaCK

Rwanda’s Gold Rush: $1.5 Billion Boost in 2024 Exports

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In 2024, Rwanda saw its mineral export earnings surge to $1.7 billion (equivalent to Rwf2.38 trillion). According to Prime Minister Edouard Ngirente, this includes substantial contributions from gold sales amounting to $1.5 billion. This marks significant progress compared to the $373 million recorded in 2017.
During his presentation before Parliament on March 28th regarding strategies aimed at boosting industrial production and exports for sustained economic development, Ngirente highlighted how gold exports escalated dramatically—from just over 2.4 metric tons generating approximately $90 million back in 2017—to surpassing 19 metric tons worth around $1.5 billion today. He noted that key extraction areas include locations within Miyove in Gicumbi District, Burera, Rulindo in the Northern Province, along with Nyamasheke District located in the Western Province.
Ngirente emphasized further discoveries indicating multiple potential sources throughout Rwanda beyond those currently known. Since 2020, these mined materials undergo refinement processes via facilities like the recently established Gasabo Gold Refinery. Additionally, shipments of additional raw commodities—such as coltan ($99M in 2024 versus $61M in 2017), tin/cassiterite ($96M vs $50M respectively), and tungsten/wolfram ($36M against $13M)—also witnessed marked increases across NST1 until mid-2024.
Looking ahead under NST2 plans set forth by Rwandan authorities aim towards achieving ambitious goals targeting $2.2B annually through mineral trade activities come 2029. Addressing misconceptions suggesting limited distribution points domestically, Ngirente clarified extensive availability nationwide stating otherwise during parliamentary discussions held earlier this year.
The PM attributed rising success rates primarily down to advancements transitioning away from traditional manual methods toward modern technological approaches alongside enhanced investments totalling close to quintuple levels observed initially between 2010 ($25M) and concluding figures reported last fiscal period ending December 2023 standing at roughly four times higher mark i.e., $121M invested into local mining operations thus far.
Furthermore, improvements incorporating added-value treatments coupled with broadened international trading networks ensure competitiveness amongst global market players ensuring premium pricing structures favorably impacting overall profitability metrics positively influencing national economies significantly moving forward. With three operational refining plants now present—one each dedicated specifically handling gold, another focused solely upon treating cassiterites, finally yet importantly managing coltans effectively enhancing efficiency ratios substantially aiding broader strategic objectives outlined herein.

Provided by Syndigate Media Inc. (
Syndigate.info
).

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