Dominican Republic presents Extractive Industries Transparency Initiative report
The Dominican Republic, the Caribbean’s largest economy whose mining resources and reserves have been estimated in $60 billion for metallic and 40 billion for non-metallic minerals, presented today its first report as a member of the Extractive Industries Transparency Initiative.
The report and the website that hosts it show complete information of “every penny received, every ounce of extracted mineral, every dollar earned, every royalty paid to the State, and how that income is used,” the Minister of Energy and Mines, Antonio Isa Conde, told El Día newspaper.
According to Isa Conde, just by clicking on the website, Dominicans will be able to access transparent information and provide feedback. Citizen involvement, he said, is key to keep the industry in check and to make sure it remains accountable.
The goal is to update the database permanently and present a new report on the status of mining in the country every year.
In an unprecedented move for the island nation, the first report reveals how much mining companies paid to the national treasury in Income Tax, Tax on the Participation in Net Profits, Minimum Annual Mining Tax, Net Return of Smelting, and for exporting bauxite. The total amount was of approximately $228 million.
Besides presenting fresh information, the site includes different sections that explain how the approval process for mining concessions works, what laws and regulations are in place, and what kind of natural resources can be found in the Dominican Republic.