The Dominican Republic has discovered new gold and copper deposits located in a mountainous area of the western province of San Juan, according to press reports.The discovery was made by the Canadian firm Goldquest/Inex after three years of prospecting in the area.The Canadian firm has notified the General Mining Department about the discovery and will make it official in March before the Prospectors and Developers Association of Canada.This discovery places the Dominican Republic in a path of good economic prospects, according to the sources.
GoldQuest Mining and Exploration in the Dominican Republic ...
www.youtube.com/watch?v=yehwQXD0Ub4
Sep 18, 2012 - Uploaded by stocknetwork
GoldQuest Mining CEO Julio Espaillat explains why the Dominican Republic is friendly and well suited...
[ed notes;if was small scale mining sure it would be of benefit to citizens,however,since a canadian mining corporation is involved,answer is no,for one because most govts actually incurr the expenses of bringing in(importing)the mega machinery required,and with the low hydrocarbon tax laws,most of profits will benefit the local elite gov ''rentier class'' and its multinational mining partners who will of course export most of profits out of country,not to mention,leave a destroyed eco system in region..keep in mind D.R. was already figthing another canadian mining corporation barrick... Dominican Republic: Opposition to Barrick Gold Mining Operations ... an excerpt(read the whole barrick/DR article)... For this reason, Barrick Gold has forced the Dominican State to renegotiate the original contract, so that the state share of 25% of net profits will be brought to zero, pay attention, to zero, while they have not obtained a rate of return of 10% and until they had recovered the US$2,585 billion invested to develop the project, and thereafter pay a 28.75% as PUN, which means Barrick takes away the US$194 million annually from the Dominican people during at least the first 6 years of operation, implying that during those 6 years the Dominican people would stop earning of US$1,164 million at today's prices.
[ed note;there are few countries wich i know of ,that have used domestic industrial mining of gold to boost their own gold reserves to back up their currency,these are Venezuela and Iran,however this will not be model D.R. will implement or follow,theirs will be similar to guatemalas,colombia,and Peru..where foreign multinationals reap benefits and cause enviromental destruction for native host countries.....
[ed note;there are few countries wich i know of ,that have used domestic industrial mining of gold to boost their own gold reserves to back up their currency,these are Venezuela and Iran,however this will not be model D.R. will implement or follow,theirs will be similar to guatemalas,colombia,and Peru..where foreign multinationals reap benefits and cause enviromental destruction for native host countries.....
No comments:
Post a Comment