ECONOMY June 15, 2023 - 3:43 pm
Minister Almonte highlights the impact of mining on the economy of the Dominican Republic
Santo Domingo.- The Minister of Energy and Mines, Antonio Almonte, has highlighted the Dominican Republic’s significant mining potential and its positive impact on the national economy through foreign currency earnings from resource exports. Almonte emphasized that the country has regulations and institutions in place to ensure that mining operations are safe and environmentally compatible.
In addition to the revenue generated for the Dominican treasury, mining production creates thousands of jobs and stimulates local business activity, as mining companies often purchase services and products from small and medium-sized industries. Almonte referred to this as the productive chain, where economic growth is stimulated through job creation and business expansion.
Almonte acknowledged that mining plays a fundamental role in scientific advancements and is essential for social, economic, and technological development. He emphasized that the Dominican Republic supports responsible mining practices, aiming to harness the country’s resources without negatively impacting the environment or local communities quality of life.
To obtain authorization for mining operations, companies are required to conduct environmental impact studies based on international standards. These studies, involving specialists from various environmental perspectives, typically take one to two years and entail significant costs. The evaluations are carried out by experts in different mining aspects, and upon approval, the companies are granted exploitation licenses. The Ministry of the Environment and the Mining Department conducts regular inspections to ensure that mining operations are conducted sustainably.
Almonte’s statements highlight the government’s commitment to responsible and sustainable mining practices, recognizing the potential benefits for the national economy while prioritizing environmental protection and community well-being.