Rwanda exported a record $1.5 billion in gold in 2024, but the EU has sanctioned the national refinery for alleged involvement in the trafficking of gold from war zones in the DRC. In 2024, Rwanda recorded an unprecedented surge in mineral exports, reaching a total value of $1.7 billion (approximately 2.38 trillion Rwandan francs) and a significant $1.5 billion came from the export of refined gold, as announced by Prime Minister Edouard Ngirente during a presentation in Parliament, on the occasion of the review of government actions in favor of industrial growth and
increased exports.
From 2017 to the present, Rwanda’s mineral exports have grown significantly, from $373 million to $1.7 billion. Over the same period, gold exports have increased from 2.4 tonnes (worth approximately $90 million) to over 19 tonnes. This boom is attributed to the opening of the Gasabo Gold Refinery in the Masoro Economic Zone, which has been operational since 2020 and has allowed the country to refine gold locally before export.
The Prime Minister explained that the gold is extracted from various mines distributed across the national territory, including Miyove, in the Gicumbi district, Burera and Rulindo in the Northern Province, and Nyamasheke in the Western Province. Furthermore, he
emphasized that new discoveries of deposits are still underway.
Other minerals also showed positive trends: coltan increased from $61 million to $99 million, cassiterite (tin) from $50 million to $96 million, while tungsten rose from $13 million to $36 million between 2017 and 2024. All of this occurred within the framework of the National Strategy for Transformation (NST1), which concluded in June 2024. The new phase, NST2, aims to reach $2.2 billion annually in mineral exports by 2029.
The government attributes these results to the transition from artisanal mining to more mechanized operations, with a significant increase in investments, rising from $25 million in 2010 to $121 million in 2023. The country has also
started processing new minerals, such as lithium and beryllium, and has diversified its export markets, thereby obtaining competitive prices.
However, Rwanda’s role in the international gold trade remains controversial. According to various sources, including European institutions, the gold refined in the country originates in part from conflict areas in the Democratic Republic of Congo, particularly the eastern regions controlled by armed groups such as the M23, which have taken direct control of several mines. The European Union has imposed sanctions against the Gasabo Gold Refinery for profiting from this context of violence and instability. Despite Rwanda’s not having large gold mines of its own, it still exported $1.5
billion worth of gold in 2024, fueling doubts about the actual origin of the precious metal.
