Amended mining law must attract foreign investment

Press Release

Santo Domingo.- The president of the Roundtable of Commonwealth Countries in the Dominican Republic on Fri. said it’s essential that the bill to amend the mining law be effectively agreed with international sectors as a guarantee to attract investments.

The bill was submitted to Congress and has been under study for several months.

González said the processes of revision of the laws that regulate mining are very delicate. “And that case of not driving with due prudence and tact, are devastating to attract future mining investments. Mining is a long-term industry that requires substantial resources for its development, consequently the regulations established by countries are decisive or not to attract investments.”

He noted that Commonwealth countries such as Canada, Great Britain, Australia, South Africa, among others, are home to                      the world’s major mining companies.

The miners of these countries are characterized by being responsible, since they are strictly regulated by the global environmental and financial organizations.

“We at the Roundtable have been warning about the implications of the process of modernization of mining laws. We have insisted on the need to agree and take into consideration the opinion of investors who are the ones who finally decide to invest or not.”

The business leader labeled as “regrettable” to say that the Dominican Republic has been ranked among the least attractive countries for mining investment, as revealed by the most recent report by the Fraiser Institute. “This institute is recognized by the world investment spheres as a thermometer.”

Gonzalez added that mining is currently one of the Dominican economy’s main pillars. “Being the main line of exports that our country has to generate the currencies required for the stability of the Dominican economy.”