US investors demand $96m for loss of Rwanda contracts
Investors visit mining sites in Rwanda's Northern Province. Rwanda published a new mining law in 2018, increasing the price for mining licences. FILE PHOTO | NMG
A group of US investors have taken Rwanda to an international court, seeking compensation of $95 million after the government seized their mining concessions, effectively denying them operating licences.
The suit before the International Centre for Settlement of Investment Disputes (ICSID) is a setback to Rwanda’s mining sector, which has lately gone through a series of reforms aimed at attracting large-scale investors and increasing revenues from mineral exports.
