Rwanda is one of the foremost destinations in Africa with regards to attracting foreign investment.
President Paul Kagame has done well in branding the country to attract investments. This time, the country is aiming to become a world destination in Lithium exploration.
Lithium is a rare earth metal which continues to rise in demand around the world.
It is used to create batteries for cars, wristwatch, camera, laser pointer, MP3 players, hearing aids, calculators or encountered thermometers, battery backup systems in computers, remote control toys, etc.
It is also used for bleaching and sanitation products, agrochemicals, aluminium alloys, cement and concrete additives, dyes and pigments, as well as pharmaceutical products.
Currently, only a few countries produce Lithium, and no African nation appears on the list of the dominant players of lithium products.
However, Zimbabwe appears on the list of countries with high Lithium deposits.
Rwanda aims to change this narrative and become a significant player in the Lithium production industry.
Government is wooing investors to invest in the exploration and processing of Lithium in Rwanda.
Francis Gatare, the Chief Executive Officer of the Rwanda Mines, Petroleum and Gas Board (RMB), told a group of business leaders on Monday that Rwanda was investor-ready for precious metals like Lithium.
"Early-stage exploration cycles have shown us that there is lithium mineralization in the country with good potential for significant discoveries," he told participants while making a case for Rwanda's mining sector.
He indicated that exploration studies had shown areas like Rwamagana, Nyanza, and Muhanga, among others, to have the potential for lithium metals.
About 85 per cent of the world's lithium-ion battery cell production capacity was in Asia owing to longstanding public and private investments in lithium-ion battery technology by consumer electronics companies and governments.
Australia, Brazil, China and Portugal were the leading producers of lithium minerals.
Rwanda seeks to be on the global map.
Rwanda is also looking for more investors in exploration activities, a field that is hardly funded by traditional financiers and is currently less attractive to equity investors.
Gatare told business leaders meeting in Kigali for a regional mining forum that Rwanda has "competitive legal and regulatory framework, proven world-class resources in tantalum and untapped resources in gold space."
Header Image Credit: CGTN Credit