Dominican Republic to Create State Miner to Explore Rare Earth Minerals

• The Dominican Republic (Dom Rep) said it will create a state mining firm to explore and exploit the nation's key mining resources, including rare earth minerals.
• The Dominican presidency said in a statement that the state firm, Empresa Minera Dominicana S.A., or Emidom, will explore, exploit and run economic viability studies on the country's natural resources.
• The firm will be able to negotiate contracts and alliances with international firms and have a nine-member board, led by the minister of the presidency. Emidom is also tasked with managing the Avila mining reserve in southern Pedernales province, which borders Haiti and in 2018, was declared an area to be explored for possible rare earth projects.
• Rare earths are a group of 17 elements, all but one of which appears on the U.S. Geological Survey's list of 50 “critical minerals,” meaning they are economically important. If exploration leads to any discovery for Dom Rep, this could lead to further economic gains for the nation. The Dominican Republic already boasts GDP growth of 2.4% in 2023 and a 5.4% projected growth for 2024 supported by sound economic, fiscal, and financial policies, and favourable external conditions (strong inflows of travel receipts and remittances).
• Rare earths aside, Dom Rep is home to Canadian firm Barrick Gold's Pueblo Viejo, the largest gold mine in Latin America and the Caribbean.

 (Sources: Reuters & NCBCM Research)