World September 5, 2024 - 7:34 am
Dominican Republic explores rare earth mining expansion
New York.- President Luis Abinader announced that the Dominican Republic is exploring the possibility of expanding its mining operations with the assistance of US Army engineers, particularly in the extraction of rare earth elements. Speaking in New York, Abinader emphasized the country’s rich reserves of gold, silver, nickel, and bauxite, noting that bauxite deposits often contain rare earths. He stressed the importance of adhering to international mining standards, specifically those of the Extractive Industries Transparency Initiative (EITI), which the country adopted in 2016. Rare earth elements are vital for high-tech industries, making their exploration a priority.
Abinader also highlighted the Dominican Republic’s strong economic performance over the past fifty years, with an average annual growth rate of 5% and a GDP exceeding $130,000 million. This makes the country the seventh-largest economy in Latin America and the Caribbean. He attributed the steady flow of foreign direct investment, representing nearly 4% of GDP, to the country’s macroeconomic stability and favorable business climate, positioning it as one of the top investment destinations in the region.
During the Development Bank of Latin America and the Caribbean (CAF) and Financial Times Conference, Abinader pointed to improved credit ratings from Fitch, Standard & Poor’s, and Moody’s as evidence of the country’s financial stability. He also highlighted the lower country risk compared to other investment-grade nations, which facilitates better access to international financial markets.