Rare earth elements could become a major source of non-tax revenue, says Luis Abinader

historic record achieved by Dominican mining and assured that the exploration of rare earth elements is progressing with increasingly optimistic results, projecting itself as a future strategic source of income for the country.

During his accountability report, the president stated that the mining sector exceeded US$2.6 billion in exports, a 52% increase compared to the previous year, consolidating itself as one of the main generators of foreign exchange.

In parallel, he referred to the exploration of rare earths, minerals considered key for the manufacture of technologies such as cell phones, semiconductors, the space industry, and military applications.

“With each passing day, the information on the quantity and quality of the 17 elements that make up the so-called rare earths is more optimistic,” he stated.

He explained that, to date, gross deposits exceeding 150 million tons have been confirmed, with levels of purity and feasibility of exploitation that he described as among the best in the world, supported by international laboratories.

He indicated that the formal determination of mineral resources will be ready this year and that the certification of reserves will be completed in the first quarter of next year, after which the exploitation and refining phase will begin.

The president asserted that, in addition to the strategic value of these minerals, the revenues derived from their exploitation could become the country’s main non-tax source of income.

Regarding foreign investment, he noted that between January and September, mining attracted more than US$556 million, while the energy sector received more than US$1.01 billion, with both sectors accounting for around 40% of total foreign direct investment during that period.