Rwanda: Are Commercial Banks Blind to Wolfram Mining Sector Potential?-Ⅱ

Wolfram is a high value mineral from which tungsten carbide (a wear-resistant material used in metalworking, mining, petroleum, military construction, and jewelry industries) is made. Tungsten is also used in light bulb and vacuum tube filaments, as well as electrodes.

Coltan is a crucial raw material in the manufacturing of critical components of electronic equipment such as radios, television sets, computers, jet engines, missiles, ships, weapons, and cellular phones.

It may not be as well known as gold or diamonds, but experts say that without Coltan, the digital economy would grind to a complete halt. Luckily for Rwanda, Coltan is a mineral it has in plenty, and the earlier the banks recognize this significance, the better in redeeming its potential.

The high demand for Coltan by the manufacturing sector in developed and industrialized countries means that there is minimum risk to any commercial bank that choose to finance projects related to it. Also in demand is Wolfram, a mineral that, if supported, has the potential to fetch the country large sums of foreign exchange.

Between January and June 2013, the country exported about 1,000 tons of the mineral, earning $14.4 million. Rwanda and the Democratic Republic of Congo are the major producers of Wolfram in Africa.


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