RWANDA Law and Practice Contributed by: Aimery de Schoutheete and Penina Ngabire, Liedekerke Great Lakes
5.5 Role of Domestic and International Securities Markets in the Financing of Exploration, Development and Mining Several major companies (including the main com - mercial banks and the first telecoms operator) are listed on the Rwandan Stock Exchange (RSE). However, most companies undertaking explora - tion and mining activities in Rwanda will raise funds from international markets such as the London Stock Exchange, the Toronto Stock Exchange and the Aus - tralian Securities Exchange. 5.6 Security Over Mining Tenements and Related Assets Securities on movable property, like an ML or a QL, are governed by Law No 34/2013 of 24 May 2013 on security interests in movable property (the “Law on In a nutshell, the Law on Security Interests applies to all rights in movable assets created by an agreement that secures payment or other performance of an obli - gation, regardless of the form of the transaction, the type of movable assets, the status of the debtor or secured creditor, or the nature of the secured obliga - tion. Constitution of a Security A security interest is constituted by a written security agreement between a secured creditor and a debtor. The agreement must indicate the value of the col - lateral and confirm that the debtor has rights in that collateral. Registration of a Security The security interest becomes effective against third parties upon its registration by the Office of the Regis - trar General (ORG) in the register of security interests Security Interests”). Scope of the Law
Consultation of the Security Register Third parties may access the content of the Security Register, after introducing themselves to the ORG and paying a fee. They can also obtain a printed copy of the search result. 6. Mining: Outlook and Trends 6.1 Two-Year Forecast for the Mining Sector Having modernised its mining legal framework, Rwan - da now seeks to attract investors to explore new are - as, conduct large-scale mining operations, and build modern processing facilities in the country. The RMB and the EU have also entered into a partnership to, among other things, digitalise various services (see 3.3 Sustainable Development Initiatives Related to Mining ). Focus on Exploration, Large-Scale Mining and Processing In the near future, Rwanda is keen to attract investors to boost exploration, large-scale mining operations and mineral processing in the country. Exploration In 2017, Rwanda conducted an airborne survey that revealed more than 50 potential target areas (PTAs). The government and the RMB are now actively seek - ing to attract investors to pursue exploration efforts with the aim of better assessing the country’s mineral resources. Large-scale mining operations Over the past decade, Rwanda has significantly mod - ernised its public infrastructure and now boasts mod - ern road, electricity and water supply systems able to support large-scale mining operations. In parallel, the RMB is working with various stakeholders to profes - sionalise and mechanise artisanal mining operations. Rwanda is also diversifying its mineral portfolio to encompass new resources, like amblygonite, lithium and beryllium, complementing the extraction of the 3Ts, gold, rare earth elements and gemstones, which has formed the backbone of the mining sector over the past decades.
(the “Security Register”). Realisation of a Security
A secured creditor (with priority over other secured creditors) may take possession of the collateral when the debtor is in default under the security interest agreement, provided that the creditor has obtained a certificate from the ORG.
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