A top banker made a case for mining to Pope Leo XIV, who has seen its impact up close
Summary
Ilan Goldfajn, head of the Inter-American Development Bank (IADB), met with Pope Leo XIV to discuss the benefits of mining rare earth minerals in Latin America. Goldfajn emphasized that mining can support technology growth and help the region if done with proper environmental and labor protections. The Vatican has opposed mining activities that harm indigenous lands, making this a key point of discussion.Key Facts
- Ilan Goldfajn leads the Inter-American Development Bank, focusing on Latin America’s economic development.
- He met privately with Pope Leo XIV to present the case for responsible rare earth mineral mining.
- Rare earth minerals are vital for technologies like smartphones, electric cars, and jet engines.
- The Vatican has opposed mining companies due to environmental damage and harm to indigenous peoples.
- Latin American countries have identified copper, lithium, cobalt, nickel, and rare earth elements as critical minerals.
- The IADB has approved about $4 billion for mining projects in Chile, Argentina, and Brazil, mostly with private companies.
- Goldfajn stressed the need for strong labor, environmental, and governance standards in mining.
- The meeting took place in Rome prior to Goldfajn’s presentation to European investors on the mining sector’s potential.
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