Economy December 16, 2020 | 12:53 pm

Investments in Dominican mines must be more attractive

Santo Domingo.- The president of the Roundtable of the Commonwealth Countries in the Dominican Republic, Fernando González Nicolás, recommended that the government expedite mining permits that are pending without justification, to send a message to the investor community that the country is once again an attractive and competitive destination for mining investment.

He added that it was necessary to reverse the Dominican Republic’s negative perception of mining investment, which reflected in the Fraser Institute’s indices that the country moved in 2019 to 76th out of 83 destinations, as only 7 destinations were less attractive to mining investment.

Speaking Wed. at the opening of the webinar “Situation and prospects of mining in the Dominican Republic”, through the Zoom platform, González Nicolás attributed this situation to the delay in granting permits and concessions to mining companies that meet the requirements of national laws, and to the past attempt to reform mining law without due consensus among international investors.

Despite this situation, the business leader stressed that the new government has aroused expectation and interest among investors.

“It’s fundamental the support for responsible mining, because it is an important pillar of the Dominican economy and that in the provinces that traditionally develops this productive activity are those of the most educated, prosperous and forested, among them Monseñor Noel and La Vega.”

“Let us be cautious and effectively agree to the reform of mining law to ensure that the Dominican Republic is a competitive and attractive destination for mining investment. Let us value the fair role that scout mining companies play in the future of mining in the country and join efforts between the public and private sectors to raise awareness of responsible mining,” said González Nicolás.

Exports

In that regard the president of the Dominican Exporters Association, Adoexpo, Elizabeth Mena, highlighted the importance of mining for the Dominican economy not only in payments to the state, but for the development of capacities and remuneration to employees since these employees are technified and their salaries well above average in the Dominican Republic.

The business leader urged the government to work on legislative reform on a leisurely basis to avoid unexpected consequences. “The country deserves a new mining law that recognizes advances in technology, environmental protection practices, and benefit sharing to communities.”

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