Miner would pay more than needed to get to US$561.0M in gold

Santo Domingo.- The Energy and Mines Ministry has asked the Presidency to authorize the exploitation of a gold and other metals from a mine in El Romero, San Juan province (west), a proposal it affirms includes strict commitments to protect the environment and to provide considerable revenue.

In a statement, Energy and Mines said it carried out technical, legal and financial evaluations during 16 months to determine that the Romero mining project, by Gold Quest Dominicana, “meets the requirements and formalities required by law.”

“If the conditions necessary for the mine to start operating are completed, the Dominican State would receive a total of US$224.0 million during the estimated 7 years of useful life from the gold, silver, copper, zinc and lead deposit, and whose present value will be calculates at US$561.0 million in accordance with the current prices of metals, Mines said in a statement.

Miner would pay the Govt. more than required

Mines said that Gold Quest, of Canadian and Swiss capital, “accepts to give financial compensation to the State over what is stipulated in the Law,” which would establish a financial milestone in the mining exploitation concessions granted by the country in recent years.

“With the commitment by the company, consigned in an affidavit that accompanies the file, the State would be receiving an additional 52 million dollars of voluntary contribution from the company,” the agency said.