By Sarah Morland
(Reuters) – The Dominican Republic said on Tuesday it will establish a state mining company to explore and exploit the country’s key mining resources, including rare earths.
The Dominican presidency said in a statement that the state-owned company, Empresa Minera Dominicana SA, or Emidom, will investigate, exploit and conduct studies on the economic viability of the country’s natural resources.
The company will be able to negotiate contracts and alliances with international companies and will have a nine-member board headed by the minister of the presidency.
Emidom is also charged with managing the Avila Mining Reserve in the southern province of Pedernales, which borders Haiti and was declared an area to be explored for potential rare earth projects in 2018.
Last year, the US military said a team of technical researchers was working with local authorities in the Pedernales highlands to evaluate the area’s viability.
The Caribbean country is home to Canadian firm Barrick Gold (NYSE:)’s Pueblo Viejo, the largest gold mine in Latin America and the Caribbean.