(Reuters) - The Dominican Republic on Tuesday said it will create a state mining firm to explore and exploit the nation's key mining resources, including rare earth minerals.

The Dominican presidency said in a statement that the state firm, Empresa Minera Dominicana S.A., or Emidom, will explore, exploit and run economic viability studies on the country's natural resources.

The firm will be able to negotiate contracts and alliances with international firms and it will have a nine-member board, led by the minister of the presidency.

Emidom is also tasked with managing the Avila mining reserve in southern Pedernales province, which borders with Haiti and was in 2018 declared an area to be explored for possible rare earth projects.

Last year the U.S. military said a team of its engineering researchers worked with local authorities in the highlands of Pedernales to evaluate the area's viability.

The Caribbean nation is home to Canadian firm Barrick Gold's Pueblo Viejo, the largest gold mine in Latin America and the Caribbean.