Highlights
- Dominican Republic establishes Emidom, a state-owned mining firm, to explore rare earth mineral opportunities and manage mining reserves.
- The country has significant potential in rare earth elements, particularly in the Pedernales Province and within bauxite deposits.
- Emidom aims to promote technology transfer, create jobs, and contribute to socio-economic development while focusing on environmental protection.
The Caribbean nation of the Dominican Republic established a state mining firm in August to explore rare earth mineral exploration opportunities in the region. The nation’s president announced the launching of the state-owned firm, with an aim of exploring and potentially monetizing the nation's key mining resources, including rare earth minerals.
The news came down via a statement (opens in a new tab) from the Dominican presidency, introducing the firm: Empresa Minera Dominicana S.A., or Emidom. The firm will be able to negotiate contracts and alliances with international firms and it will have a nine-member board, led by the minister of the presidency.
What are potential sources in the Caribbean nation?
Rare earth deposits do exist in the Dominican Republic. For example, in 2018, the Dominican Republic declared the Pedernales Province a mining fiscal reserve for 10 years due to the presence of rare earth elements. The karst bauxites in the Pedernales Peninsula contain significant rare earth resources.
Also, the Avila mining reserve in the Pedernales Province is being managed by the state-owned mining company Empresa Minera Dominicana S.A. (Emidom). In 2023, a team of US military engineers visited the region to evaluate the viability of the rare earth projects.
The country is known to have rich reserves of bauxite, and rare earth elements are often found within bauxite deposits.
Rare earth elements are critical to high-tech industries and are considered economically important by the U.S. Geological Survey.
The Dominican Republic is also known for its amber and larimar, which are polished and sold in jewelry stores.
Luis Abinader, President
Source: Wikipedia
The Statement
Issued in August, 2024, President of the Republic, Luis Abinader (opens in a new tab) via Decree number 453-24, ordered the creation of the Empresa Minera Dominicana, S.A. (Emidom), a public entity with sole state capital, whose purpose is the exploration and exploitation of the country's strategic mining resources, particularly those related to rare earths.
The Dominican Republic has significant potential in mineral resources, such as rare earths, which are essential for the production of advanced technologies, renewable energies, and electronic devices. The sustainable use of these resources is crucial to strengthen the technological and energy sovereignty of the country, in addition to contributing to economic, scientific and technological development.
What are the objectives of the state-owned firm?
Emidom, as part of its functions, will be in charge of executing and coordinating the exploration and exploitation of the country's strategic mining resources, as well as carrying out studies and consultancies that determine the economic viability of these projects. In addition, it will manage mining fiscal reserves, such as the “Ávila” Mining Fiscal Reserve, in Pedernales, and will be able to negotiate contracts and alliances with international companies.
What’s the hoped impact on the economy and national development?
According to President Abinader’s edict, the constitution of Emidom promotes technology transfer, the training of specialized human resources and the creation of quality jobs. This will foster inclusive and equitable socio economic development, with a focus on environmental protection and respect for local communities. Likewise, it is expected that the income generated by the exploitation of mineral resources will be used to promote investments in infrastructure, education and health, contributing to the general well-being of the country.
Daniel
You Might Also Like…