Dominican Republic Bets on Gold To Boost Economy

As cash for gold businesses pop up all across the country and world, other countries are starting to take advantage. After all, with a weakening dollar, gold buyers who buy and sell gold are simply positioning themselves for what has already been categorized as one of the worst economic downturns in history. With the demand to sell gold increasing exponentially, any country, it seems, would be eager to reap the benefits. Any country, that is, except the Dominican Republic. Who could blame them? The last mine that was introduced top their country failed in the task of making the country any better off financially, in fact, it seems that the only thing that the last gold mine did do well was pollute their environment.

Dominicans watched huge mines extract and sell gold from their country as their river changed in hue from a clear blue to a fiery red. That plant was closed 13 years ago. Since then, cash for gold stores and gold buyers have contributed to the ever increasing demand for gold, and now two of the world’s biggest gold companies want to build a much larger mine at the site of the old one. The Barrick Pueblo Viejo project, as it were, will not only be mining and processing gold, it will also process other metals such as silver, copper, nickel and more.

It is estimated that the mine will begin to process gold in the second half of the year and within only a year to a year and a half the mine will be producing more than a million ounces of gold annually. Behind all of the potential profits that the new operation will produce lies the growing concern for the environment. The companies promise that they will keep the environment clean, but the reminder of what the old mine did to the environment in the Dominican Republic has left the people shaken and concerned.

Be that as it may, supporters remind the people that the companies will bring $4 billion dollars of direct foreign investment, the largest, by far, that this country has ever seen. The mine will also bring 10,000 jobs along with it. It seems that the mine is here to stay the length of its expected 25 year term. A term in which the companies vow to work to improve the environmental conditions of the country. Apparently, gold buyers and cash for gold shops will have a new source of raw material to benefit from in the Dominican Republic.