Rare earths surge: US$ 50- US$ 750/kg, unprecedented prices

Santo Domingo.- President Luis Abinader said yesterday in his accountability speech that the discovery and future exploitation of rare earths in the country represents an unprecedented strategic opportunity because the global market’s value is highly competitive and can range between 50 and 750 dollars per kilogram.

He indicated that in the last 18 months, the Government has undertaken an exploration process in Pedernales, in the Ávila mining reserve, an area that contains rare earths and in whose first phase of exploration the collaboration of the University of Barcelona, Spain, was received, and at a later stage, the US Army Corps of Engineers was contracted, whose experience and strategic knowledge have been essential to carry out precise measurements.

He said that technical surveys, analyses, and evaluations began in September 2024, making it possible to determine the quantity of mining resources in 2025 and leading to an accurate estimate of certified reserves for 2026. “In a single year, we have made progress that would normally take three, thanks to the efficiency and commitment of our institutions,” the President told the National Assembly.

Their uses

Rare earths are composed of 17 minerals which, according to Abinader, are the basis for the manufacture of various instruments such as high-performance magnets, rechargeable batteries, wind turbines, communication systems, and many other applications that drive innovation and sustainability worldwide.

Military armored car industry

Abinader announced that a modern assembly plant for armored vehicles for the Armed Forces will be inaugurated in San Cristóbal, in the former Armory, at the end of April this year.

He pointed to the growth of tourism and Dominican airlines and predicted that by 2028, the country expects to receive 14 million visitors.

In public works, he said that 131 infrastructure projects have been built.