By Sarah Morland
(Reuters) – The Dominican Republic Announces Creation of State Mining Firm for Rare Earth Minerals Exploration
The Dominican Republic revealed plans on Tuesday to establish a state mining company, Empresa Minera Dominicana S.A. (Emidom), dedicated to the exploration and exploitation of the nation’s valuable mining resources, particularly rare earth minerals.
According to a statement from the Dominican presidency, Emidom will be responsible for conducting economic viability studies on the country’s natural resources, as well as engaging in negotiations and forming partnerships with international corporations. The company will be overseen by a nine-member board, with the minister of the presidency serving as its leader.
Emidom has been assigned the task of overseeing the Avila mining reserve in the southern Pedernales province, which shares a border with Haiti and was identified in 2018 as a potential site for rare earth projects.
Notably, the U.S. military collaborated with local authorities last year to assess the feasibility of the highlands of Pedernales for mining purposes.
The Dominican Republic is already home to Barrick Gold’s Pueblo Viejo, the largest gold mine in Latin America and the Caribbean.
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Analysis:
The Dominican Republic has announced the establishment of a state mining company, Emidom, to focus on exploring and exploiting rare earth minerals in the country. This move signifies a strategic effort to harness the nation’s valuable mining resources and potentially attract international partnerships for economic growth. With the successful management of the Avila mining reserve and existing projects like Barrick Gold’s Pueblo Viejo, the Dominican Republic aims to further solidify its position in the mining industry and capitalize on the lucrative opportunities presented by rare earth minerals. This development could have significant implications for the country’s economy and the global mining sector as a whole, making it a noteworthy trend to watch for investors and stakeholders in the industry.