President Luis Abinader creates the Dominican Mining Company, SA to Promote the Sustainable Exploitation of Strategic Resources such as Rare Earths
By decree number 453-24, the President of the Republic, Luis Abinader, has ordered the creation of the Dominican Mining Company, SA (EMIDOM), a public entity with sole state capital, whose purpose is the exploration and exploitation of the country’s strategic mining resources, particularly those related to Rare Earths.
The Dominican Republic has significant potential in mineral resources, such as Rare Earths, which are essential for the production of advanced technologies, renewable energy, and electronic devices. “The sustainable use of these resources is crucial to strengthening the country’s technological and energy sovereignty, as well as contributing to economic, scientific and technological development,” states a press release.
Objectives of EMIDOM
As part of its functions, EMIDOM will be responsible for executing and coordinating the exploration and exploitation of the country’s strategic mining resources, as well as conducting studies and consultancies to determine the economic viability of these projects. In addition, it will manage fiscal mining reserves, such as the “Ávila” Fiscal Mining Reserve in Pedernales, and will be able to negotiate contracts and alliances with international companies.
Impact on the economy and national development
The creation of EMIDOM will promote the transfer of technology, the training of specialized human resources and the creation of quality jobs. This will foster inclusive and equitable socioeconomic development, with a focus on environmental protection and respect for local communities. It is also expected that the income generated by the exploitation of mineral resources will be used to boost investments in infrastructure, education and health, contributing to the general well-being of the country.
Governance and transparency
The new company will be attached to the Ministry of Energy and Mines and will have a Board of Directors composed of nine members, led by the Minister of the Presidency. EMIDOM’s governance standards will follow the principles of transparency and best practices, ensuring that its operations are carried out for the benefit of the Dominican State and society as a whole.
This decree reinforces the government’s commitment to the sustainable and responsible development of the nation’s natural resources, ensuring that their use contributes to the country’s economic and social progress.
