Rwanda has inked a significant agreement with Rio Tinto Minerals Development, a renowned global mining corporation, for the exploration and mining of lithium in the Western Province.
The deal, signed on January 29, follows discussions between President Paul Kagame and Rio Tinto’s CEO, Jakob Stausholm, during the World Economic Forum in Davos earlier in January 2024.
This collaboration marks a strategic move after a previous joint venture agreement between Aterian, Rio Tinto, and Kinunga Mining in August 2023 to explore lithium in Rwanda.
The surge in lithium demand, projected to reach 900,000 tonnes in 2023 and forecasted to hit 1.5 million tonnes by 2026, underscores the significance of such partnerships.
Benchmark Minerals, a market intelligence firm specializing in lithium-ion batteries, provided these insights.
Yamina Karitanyi, CEO of Rwanda Mines, Petroleum, and Gas Board, emphasized that Rio Tinto’s entry signifies Rwanda’s commitment to enhancing its mining sector while adhering to the highest environmental, social, and governance (ESG) standards.
Lawrence Dechambenoit, Global Head of External Affairs at Rio Tinto, expressed excitement about the collaboration, stating that Rio Tinto is eager to leverage its global expertise to expedite the search for primary lithium deposits in Rwanda’s Western Province.
Lithium, a critical component in rechargeable batteries for electric vehicles, electronics, and industrial applications, highlights the strategic importance of this venture.
Rio Tinto, operating in 35 countries, is renowned for its expertise in mining and materials. This partnership is poised to bolster Rwanda’s mining sector, which generated $851.6 million in export revenues from January to September 2023, reflecting a significant increase compared to the previous year.
With a target of $1.5 billion in annual mineral export revenues by 2024, Rwanda is positioning itself as a key player in the global mining landscape through strategic collaborations like this one with Rio Tinto.
