Xstrata Nickel calls Dominican Republic mine fears a “myth”
Santo Domingo.- Dominican Republic stands to make at least US$5.4 billion in the next 25 years from the Loma Miranda mine, said Xstrata Nickel Falcondo executives, who on Wednesday called notions of ravaged crops, forests and species a “myth.”
Xstrata Nickel Falcondo president Darren Bowden said of that amount, US$1.7 billion would be from taxes and dividends, 700 in capital investment, 800 for suppliers, 700 more to pay employees and the rest for energy to exploit the reserve of 20 million tons of ferronickel.
He said despite below-cost market prices the company remains in operation with projected production for 25 years, but to continue makes no sense if it can’t mine Loma Miranda.
He said their environmental impact studies show that such exploitation is feasible.
Interviewed by the Corripio Communications Group accompanied by Loma Miranda project superintendent Ivan Pimentel and other executives, Bowden noted that the government currently receives 55% of the mining company’s earnings.
Bowden said most of the company’s lands at Loma Miranda have already been reforested, and any environmental impact on the area would be mitigated. “We’re all interested in protecting the environment, so for us a responsible operation to protect Loma Miranda’s biodiversity and water sources is very important.”
Pimentel said of the 1,373 hectares Xstrata owns at Loma Miranda, only 469 will be mined, and the rest will be reforested.
Category: DR News |