DR1 Daily News - Dominican Republic

Headlines frequently tout the rising prices of gold. The Dominican Republic has the largest gold-exporting mine in the Caribbean and Central American region. The surge in gold prices is the main argument by gold companies that want the government to grant exploitation rights in vulnerable areas.

Yet, as experts have pointed out in the past, an addendum to the contract renegotiated during the Danilo Medina administration with Barrick Gold has slashed the Dominican Republic’s sharing of the price surge. The bottom line is that the extra cash is almost completely going to the mining companies.

A recent letter from former President Hipolito Mejia to President Luis Abinader raises the issue and urges the Abinader administration to take action. Mejia says that the country has lost over US$1.1 billion in mining revenue.

Former President Hipólito Mejía has formally requested an explanation from President Luis Abinader regarding the estimated US$1.113 billion in unrealized fiscal...