The Ministry of Energy and Mines has approved the exploitation of the mine in Hondo Valle, located in the Central Mountain area (Cordillera Central) in the north of San Juan de la Maguana province. This will be the first underground gold mine in the country and will be operated by GoldQuest.
According to Energy & Mines Minister Antonio Isa Conde, the state negotiated to receive an estimated US$224 million in taxes and fees during the useful life of the mine, which is estimated at seven years, which means the company will award US$52 million above what the company is required to pay by law.
The announcement is controversial as many environmentalists believe that the cost to the water service and environmental impact of the mining operation will be higher than the revenues the government will derive from the mining operation.
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Ministry of Energy & Mines
Hoy
23 January 2018
