The Chamber of Mining and Petroleum of the Dominican Republic (Camipe) asked to expedite the permits of several projects halted for studies, after highlighting that they represent opportunities that the country must take advantage of to influence the increase in public income.
He estimates that, if approved, just one of the new projects could generate US$530 million in income for the country, demonstrating the sector’s ability to continue growing.
He highlighted that since these are long-term projects that contemplate the payment of taxes and royalties generated that can finance health, education and infrastructure programs and thus contribute to improving the quality of life of the communities
Currently, the Dominican Republic has one of the largest mineral deposits in the Americas and produces a wide range of mining resources ranging from gold, silver and ferronickel to bronze, larimar and other metallic and non-metallic resources.
Barrick Pueblo Viejo alone in the last 10 years has paid close to USD$3,207 million dollars, which exceeds DOP$190 billion in direct and indirect taxes.
Likewise, the union highlighted how mining affects the attraction of foreign investment, which can contribute to local and national economic development. The mining industry in the Dominican Republic, for decades, was the one with the greatest contribution and receipt of foreign direct investment according to information from the Export and Investment Center of the Dominican Republic (ProDominicana). Camipe also points out the contributions of the sector in terms of job creation, pointing out that mining creates thousands of direct and indirect jobs, from extraction to production and related services.
Another relevant factor is economic diversification since, if the mining industry in the country is strengthened, the economy would be diversified, reducing dependence on traditional sectors and creating new business opportunities. All this with responsible practices and operations based on the efficient use of resources and the rehabilitation of affected areas.
He also highlighted the need for the country to have a new mining law that can guarantee legal certainty to attract more investment and at the same time promote the exercise of responsible mining that protects the environment and mitigates its impacts.
The Chamber is prepared to collaborate in the creation of a modern mining law that benefits everyone and contributes to the sustainable development of the Dominican Republic.
