The President of the Dominican Republic, Luis Abinader, has announced considering expanding the country's mining operations with the help of U.S. Army engineers, focusing on the extraction of rare earth elements. Speaking at an event in New York, Abinader emphasised the nation's rich reserves of gold, silver, nickel, and bauxite, noting that rare earth elements—critical to high-tech industries—are often found within bauxite deposits.
He underscored the importance of adhering to global mining standards, referencing the Extractive Industries Transparency Initiative (EITI), which the Dominican Republic adopted in 2016.
The president pointed out that rare earth elements are essential for today's technology-driven world, making their exploration a priority for our country. He added that his country will ensure that any expansion is done responsibly, following international best practices.
The Dominican Republic has seen robust economic growth over the past five decades, boasting an average annual growth rate of 5 per cent and a GDP surpassing $130 billion, positioning it as the seventh-largest economy in Latin America and the Caribbean. Abinader attributed this success to sustained foreign direct investment (FDI), which accounts for nearly 4 per cent of the country's GDP, driven by its stable macroeconomic policies and investor-friendly environment.
Speaking at the Development Bank of Latin America and the Caribbean (CAF) and Financial Times Conference, Abinader highlighted the country's strong financial reputation. Improved credit ratings from Fitch, Standard & Poor's, and Moody's, along with a lower country risk profile than other investment-grade nations, have enhanced the Dominican Republic's access to international financial markets.
"Our solid credit ratings and reduced country risk demonstrate our financial resilience and position us as one of the region's top investment destinations," Abinader noted.
As the Dominican Republic looks to capitalise further on its mineral wealth, the focus on rare earth elements could open new economic frontiers and solidify its role as a key player in the global mining sector.
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