Santo Domingo.- Mining director Alexander Medina on Monday affirmed that the country's mineral reserves will pump wealth into the economy for the next 30 years, which in his view is a real opportunity for the nation’s development.
He estimated that the country’s exports jumped 20% and the deficit trade decline around US$1.3 billion based on gold’s current price.
He said the reserves are worth more than US$60 billion.
He said foreign investment in the mining sector topped US$3.5 billion in the last six years, or 15.1% of all foreign investment into the country from 2006 to 2012.
Speaking before the American Chamber of Commerce monthly luncheon, Medina said the mining sector will be one of Dominican Republic’s biggest taxpayers in the coming years.
He noted that once the investment by EnviroGold Las Lagunas is paid off, estimated for 2014, and Barrick Pueblo Viejo scheduled for 2016, tax revenue will increase significantly. Both operations will pay a 3.2% fee of gross smelter return, 25% tax on income and 28.75% of net profits.
Medina said in 2013 mining, together with tourism, agriculture, free trade zones, retail and industry, will be one of the biggest contributors to GDP, exports, foreign exchange earnings and taxpayers.
Investor confidence
Medina said mining projects will open this year for gold, silver and copper sulfides and Barrick Pueblo Viejo gold and silver tailings in the Pueblo Viejo dam by Australia’s PanTerra Gold, in addition to the resumption of bauxite extraction at Las Mercedes, Pedernales.
The official said with Xstrata Nickel Falcondo, the country will have five active metal mining operations, whereas the 50 current non-metallic mines produce cement, aggregates and limestone, ornamental rocks, calcium carbonate, lime, gypsum and ceramics.
He revealed that two Portland cement clinker furnaces will start operating this year and will process limestone and gypsum.
Medina said the new furnaces are installed by Panamericana Investments in Boca Chica and Cementos Andino in Pedernales, in addition to those already operated by Cemex, in San Pedro, and Cibao cement, Santiago and Domicen in Peravia.
Written by: jasfalon, 5 Feb 2013 7:56 AM
From: United States
Environmentally, RD is f@cked.
From: Dominican Republic, calle A.Portes
jasaflon ,if you fly in a small plane across all of the DR , you will see that the worst environmental acts are the dreadful dredging of sand and soil,especially along the rivers and secondly the illegal felling of trees which have not been replaaces.Mercifully more than 95% of the DR looks wonderful from the air .
Written by: josean, 5 Feb 2013 9:10 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
This guy Medina is a stooge for the mining companies, he was a Sell-Out executive at Falconbridge for over 30 years!
His loyalty is to his personal bank account and the mining companies at the expense of the Dominican people and our national sovereignty!
Written by: jasfalon, 5 Feb 2013 9:13 AM
From: United States
I lived on Las Canas beach and watched the sand being taken, rights sold by generals to cement companies. When Hugh, the Canadian developer who had his throat slit while he slept, complained to the Las Canas town powers, he was shot at as he returned home one day. And it is going on all over the country. Rights are also being sold, illegally, by generals, to cut mahogany, mangrove, and more. And most of RD is unspoiled and spectacular. That's why, along with finding the most fun passionate, abused people in the world, we bought a house here 25 years ago, in a remote Dominican town where we would never see tourists.
Ricardolito
YOU KNOW what mining does to countries environmentally. And when you have governments that are bought, like RD, there are no pollution standards. Hopefully, the new president IS DIFFERENT, and the mining companies can be controlled.
From: United States
"Country's mines mean wealth for the next 30 years"
No it does NOT !
It means those ill educated political morons will have larger houses, larger SUVs and more girl friends. They are shameless transparent corrupt morons with the morals of a cockroach.
Written by: juanb, 5 Feb 2013 11:11 AM
From: Dominican Republic
Ricky:
Unfortunately very few of us live in the air.
Most of us live on the ground and that looks like shi.......
Note to legislators:
No more than two new jeepetas per family.
From: United States
juanb, i just love your style.
From: United States
This mining director is full of salami..
I just wonder how much did he get paid by mining companies to say such b.s.?
From: United States
"The country's mines mean wealth for the next 30 years"
yeah, but only for the shareholders of BG !
Written by: josean, 5 Feb 2013 3:36 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
"Written by: dreadlocks, 5 Feb 2013 11:34 AM
From: United States
juanb, i just love your style."
I join Dr. Dread in that admiration!
Written by: Bogus, 6 Feb 2013 8:19 AM
From: Dominican Republic
"This guy Medina is a stooge for the mining companies, he was a Sell-Out executive at Falconbridge for over 30 years".
Alex Medina's job is to promote the government's policies in the mining sector. Surely it's in the country's best interest to have someone with actual experience and knowledge in the role rather than some purely political appointment. This is actually a positive development for the DR!
From: United States
Yes, a positive development..Specially when the contract says that dominicans wont have a penny in 5 year, but they are making U$ BILLIONS out of it...Not to mention they will poison that area forever?
"Very positive"..
Are you allow to have a penthouse in the Jaragua with the promise that you are going to pay them after 5 years?
Written by: josean, 6 Feb 2013 10:41 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
Bogus,
Your comment is BOGUS!
I am sure the concept of CONFLICT of INTERESTS means nothing to you, Barrick PUNK!
From: United States, Omnipresence
@ ohhhVictor....
Are you referring to the fecal tainted salami...I need to know this...
From: United States
Yes, watcher.the contract with the dominican state by them was a tainted salami..Obviously..
Written by: josean, 6 Feb 2013 4:18 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
"Written by: ohhhvictor, 6 Feb 2013 4:12 PM
From: United States
Yes, watcher.the contract with the dominican state by them was a tainted salami..Obviously.."
And wasn't it the Master of Caca-contracts Narco Lie-onel who approved this?
Written by: Ricardo, 6 Feb 2013 4:49 PM
From: United States
All countries since the beginning of time have had to utilize thier natural resources - there is no way around this. The mining in the DR is getting better w/respect to long term impact - you will never please everyone unless you do not dig, and this is not an option for the DR. Regarding Mr. Alexander Medina, yes he is experienced, but I can tell you personally that he is a bigger P.O.S. than Octavio ever was. He has already formed a private bauxite mining consortium that will return $$ to his pocket. Blatant, corrupt and coincidently very much against the law. I guess when you control the laws, you can change them as you move along. Looking forward to Mr. Holguin, hope he does better than Alexander.
Written by: rokete, 7 Feb 2013 2:14 PM
From: Dominican Republic, Santo Domingo
The real winners here with all this gold, is the IMF and the World Bank's, investors and bankers.
They will siphon all that gold to put in their coffers.
All we are going to be left with is pollution, and the mercury killing us for generations.
Want to do something really good Medina, with all that gold ??
Base the Dominican peso on silver and gold reserves.
Pay the external debt with that gold.
Expand the country's economy, with the excessive tax money the government gets.
Cut the excessive salary of all those thugs in government.
Pay the police and teachers $15, 000 pesos salary, so they can live with dignity.
And protect with security measures, our society that is crumbling, right before your eyes.
Smaller
Bigger
Previous
Next
Close Gallery
Facebook
Digg this
del.icio.us
Technorati
Yahoo
Environmentally, RD is f@cked.
This guy Medina is a stooge for the mining companies, he was a Sell-Out executive at Falconbridge for over 30 years!
His loyalty is to his personal bank account and the mining companies at the expense of the Dominican people and our national sovereignty!
I lived on Las Canas beach and watched the sand being taken, rights sold by generals to cement companies. When Hugh, the Canadian developer who had his throat slit while he slept, complained to the Las Canas town powers, he was shot at as he returned home one day. And it is going on all over the country. Rights are also being sold, illegally, by generals, to cut mahogany, mangrove, and more. And most of RD is unspoiled and spectacular. That's why, along with finding the most fun passionate, abused people in the world, we bought a house here 25 years ago, in a remote Dominican town where we would never see tourists.
Ricardolito
YOU KNOW what mining does to countries environmentally. And when you have governments that are bought, like RD, there are no pollution standards. Hopefully, the new president IS DIFFERENT, and the mining companies can be controlled.
"Country's mines mean wealth for the next 30 years"
No it does NOT !
It means those ill educated political morons will have larger houses, larger SUVs and more girl friends. They are shameless transparent corrupt morons with the morals of a cockroach.
Ricky:
Unfortunately very few of us live in the air.
Most of us live on the ground and that looks like shi.......
Note to legislators:
No more than two new jeepetas per family.
This mining director is full of salami..
I just wonder how much did he get paid by mining companies to say such b.s.?
"The country's mines mean wealth for the next 30 years"
yeah, but only for the shareholders of BG !
"Written by: dreadlocks, 5 Feb 2013 11:34 AM
From: United States
juanb, i just love your style."
I join Dr. Dread in that admiration!
Alex Medina's job is to promote the government's policies in the mining sector. Surely it's in the country's best interest to have someone with actual experience and knowledge in the role rather than some purely political appointment. This is actually a positive development for the DR!
Yes, a positive development..Specially when the contract says that dominicans wont have a penny in 5 year, but they are making U$ BILLIONS out of it...Not to mention they will poison that area forever?
"Very positive"..
Are you allow to have a penthouse in the Jaragua with the promise that you are going to pay them after 5 years?
Bogus,
Your comment is BOGUS!
I am sure the concept of CONFLICT of INTERESTS means nothing to you, Barrick PUNK!
Are you referring to the fecal tainted salami...I need to know this...
Yes, watcher.the contract with the dominican state by them was a tainted salami..Obviously..
"Written by: ohhhvictor, 6 Feb 2013 4:12 PM
From: United States
Yes, watcher.the contract with the dominican state by them was a tainted salami..Obviously.."
And wasn't it the Master of Caca-contracts Narco Lie-onel who approved this?
The real winners here with all this gold, is the IMF and the World Bank's, investors and bankers.
They will siphon all that gold to put in their coffers.
All we are going to be left with is pollution, and the mercury killing us for generations.
Want to do something really good Medina, with all that gold ??
Base the Dominican peso on silver and gold reserves.
Pay the external debt with that gold.
Expand the country's economy, with the excessive tax money the government gets.
Cut the excessive salary of all those thugs in government.
Pay the police and teachers $15, 000 pesos salary, so they can live with dignity.
And protect with security measures, our society that is crumbling, right before your eyes.