Rwanda woes mining exploration companies

2020-11-19T13:28:38+00:00 November 19th, 2020|News|

The Rwandan government has put a number of incentives in place to lure mining exploration companies.   

The Rwandan government has put measures in place to make exploration in the country more attractive.  Image credit: eastinco.com

The Rwandan government has put measures in place to make exploration in the country more attractive.  Image credit: eastinco.com

The Rwandan government has put in place an incentive package that seeks to attract investors in mining exploration activities, part of the drive to strategically reposition the country’s mining sector in the region.

The new incentive package was announced on Tuesday, 10 November ahead of the Africa Mining Forum, by Francis Gatare, CEO at the Rwanda Mines, Gas and Petroleum Board (RMB). “We are excited about a new incentive [package] for exploration companies that gives incentives for a 10-year loss carry over,” says Gatare.

“This means that companies that invest in initial exploration can carry forward losses or expenses incurred during that period.” According to Gatare, the incentive is a new provision in a revised investment code that targets to attract junior mining companies, whose business model focuses on mineral exploration, and then sell their assets after making mineral discoveries.

Source: The New Times