- Joel Santos highlights international support
- Points out economic benefits of mining for the country
Energy and Mines Minister, Joel Santos, reported yesterday that the mining authorities are assessing setting out a national mining policy, with the aim of organizing and regulating the development of mining in the country more efficiently.
At the monthly luncheon of the Dominican-American Chamber of Commerce (Amchamdr), the minister spoke about the distribution of existing metallic mineral basins in the country and highlighted their potential to attract foreign investment.
“Yes, we are working. We’ll even have international assistance to define a clear mining policy that addresses the main issues, given that the country has made progress in terms of mining technology,” Santos responded to the press.
However, he stressed the ongoing need to continue strengthening certain aspects, such as relations with communities, environmental sustainability and everything related to the permitting process, to make it more efficient and attractive for investment.
“Technology has completely transformed mining in the Dominican Republic and throughout the world, and legislation has to adapt to that reality,”
Joel Santos Echavarría – Minister of Energy and Mines
To complement the update of one of the most thriving sectors of the economy, he pointed out that they are also pushing to revise the Mining Law, which dates back to 1971. “The sector has changed radically and obviously, it has to adapt to these changes,” he added.
Mining has proven to be a resilient sector, according to Santos, who pointed out that, despite some challenges, revenue exceeds DOP$ 18,000 million a year, and exports reach US$ 1,700 million. In addition to generating jobs, he specified that they are specialized jobs, with salaries of DOP$ 70,000 pesos, double the national average.
“In short, it is a sector with multiple benefits that must continue to be promoted within a sustainable framework,” he said.
In general terms, he recalled that mining exports reach US$ 1,700 million. Santos emphasized that gold stands out as the main export item within mining resources and has helped meet the needs of other sectors in times of low productivity.
“We have to view the country’s various economic sectors as if it were a portfolio where some coverage is necessary, in other words, sectors that have the capacity to grow when others present challenges,” he said.
A look at sustainability
The mining policy would ensure that conditions for attracting investment and consolidating contributions to the economy would improve. “One of the important issues to review is everything related to the management and efficiency of the so-called mining funds, which are aimed at these communities.”
“Sustainability, of course, is not only about the environmental part. Although the environment is important, sustainability is not limited to this aspect, but also includes the communities surrounding that area,” he said.
This is why he stressed that if the country shows sustainable mining, it must also show communities strengthened by mining.
He added that it is an issue which “obviously, we are going to work on.” He said: “We are working very hard. And, as in all other issues, modern legislation that adapts to technological changes is necessary. Many people see mining as if it were the 70s or 50s, or as if it were the seven dwarfs who are going to do the mining. All that has changed.”
“Technology has completely transformed mining in the Dominican Republic and in the world, and legislation has to adapt to that reality,” Santos said during his participation in the April luncheon of Amchamdr.
Drilling for Oil
The minister announced that the government is preparing to launch its “second oil round”, which will include offshore blocks and is scheduled for November 2026.
During his speech, Santos Echavarría explained that a technical and scientific preparation phase is underway to support opening a tender for exploring and exploiting hydrocarbons, which he described as positive for the economy, especially because of the growth that is forecast.
“We will be adding maritime blocks, because some of the land blocks have already been the subject of a process that is underway, to also advance certain areas of the country that have more data. We expect to complete these studies in the next month.”
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