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Rwanda targets US$2.17 billion of mineral exports a year by 2029

1 min read

A terraced open-pit mine of red earth with washing ponds in the green hills of Rwanda Investments
A terraced open-pit mine of red earth with washing ponds in the green hills of Rwanda

Mineral export revenue rose from US$373 million in 2017 to US$1.75 billion in 2024; the plan relies on exploration, mechanisation and processing in Rwanda.

Rwanda aims to raise annual mineral export revenue to more than US$2.17 billion by 2029 under its second National Strategy for Transformation (NST2), the Ministry of Finance and Economic Planning said, as reported by Africa Business Insight on 29 September 2026.

Mineral export revenue grew from US$373 million in 2017 to US$1.75 billion in 2024, according to the Rwanda Mines, Petroleum and Gas Board. The 2029 target is about 24% above the 2024 figure. Mining and quarrying output grew 26% year on year in the second quarter of 2026, according to the National Institute of Statistics of Rwanda.

The plan relies on more exploration, mechanisation, professional mining operations, processing in Rwanda and better access to finance. A nationwide exploration campaign has been under way since 2023, covering gold, lithium and other resources. Rwanda already has gold and tantalum refining and tin smelting capacity.

A 2024 law set royalties of 0.5% to 3% for minerals processed in Rwanda, compared with up to 6% under the previous regime, while raw mineral exports face additional export taxes. NST2 aims for more than 92,000 mining jobs by 2029, a level the sector had already reached by December 2025.

On 26 October the Cabinet approved a new structure for the Rwanda Mines, Petroleum and Gas Board, which moves out of the Rwanda Development Board to operate as an independent institution. The Mining sector guide on this site covers licences, royalties and processing incentives.

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