WASHINGTON — The Board of Executive Directors of the Inter-American Development Bank (IDB) approved $16.1 million in financing to assess the potential development of the rare earths in the Ávila Mining Fiscal Reserve (RFMA) in the Dominican Republic.
The program will finance a comprehensive set of technical, environmental, social, economic, financial, legal, and infrastructure studies to prepare a prefeasibility study of the RFMA rare earths deposit.
The program is part of the IDB Group’s regional initiative América en el Centro, which promotes sustainable development, resilience, and integration in Central America, Panama, and the Dominican Republic. The program is also aligned with IDB LAC Minerals, which seeks to transform the region’s mineral wealth into sustainable growth by promoting secure and responsible value chains.
The operation will strengthen the government’s institutional capacity to generate technical information and manage priority mineral resource projects.
The presence of relevant geological indications and the strategic importance of rare earths present an opportunity that requires rigorous assessment. Determining the deposit’s viability and its potential contribution to the economy and public revenues will require a deeper understanding of the resource, as well as stronger institutional capacity to assess and manage projects of this nature.
In this context, the operation will strengthen the technical and management capacities of the Ministry of Energy and Mines (MEM) and Empresa Minera Dominicana, S.A. (EMIDOM). Both institutions will have access to reliable and robust information to assess the deposit, inform strategic decision-making, and manage mineral resource projects in accordance with international standards.
The program will also strengthen environmental and social safeguards and promote a development model that combines responsible mining with sustainability and environmental stewardship.
About the IDB
The Inter-American Development Bank (IDB), a member of the IDB Group, is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the Bank works with the region’s public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise, and knowledge, it promotes growth and well-being in 26 countries.
Luis Alejandro Simon
Communications Sr Associate
Lucia Rios Bellagamba
Communications Specialist
More about this Project
Pre-investment program for the development of rare earths – PROTERRAS
Dominican Republic and The IDB