Existence of rare earths would benefit Dominican Republic economy

Bahoruco — The existence of rare earths in the country would have a transformative impact on the economy. The spokesperson for the Mining and Petroleum Chamber of the Dominican Republic (Camipe) said that “it would not only diversify our economy, which until now has depended on sectors such as tourism and agriculture, but it would also position the Dominican Republic in a strategic place within the global supply chain of critical minerals. This not only improves our competitiveness, but also puts us on the geopolitical and mineralogical map internationally.”

He understands this figure is a reason for optimism for the nation, as it opens the door to new economic and technological opportunities.

The executive director of Camipe, Martín Valerio, explained that the high international demand and the use of these elements in advanced technologies give rare earths an undeniable value. In a global context where America concentrates more than 70% of the reserves of these minerals, the Dominican Republic’s potential becomes a safe bet for the country’s technological and economic development, he said.

He referred to these terms in the announcement of the Dominican president, Luis Abinader, who revealed that preliminary studies indicate the existence of 100 million tons of rare earth in the country.

Valerio said that as Abinader expressed, additional studies and the certification of the reserves are needed in the coming months.