Top banker tried to sway Pope Leo XIV on rare earth mining
Summary
The President of the Inter-American Development Bank, Ilan Goldfajn, met with Pope Leo XIV to discuss the benefits of rare earth mining in Latin America. He emphasized the importance of doing mining with good labor, environmental, and governance standards to help local communities and support new technology industries.Key Facts
- Ilan Goldfajn is the head of the Inter-American Development Bank (IADB).
- He met privately with Pope Leo XIV to talk about rare earth mining opportunities.
- The Vatican has long opposed multinational mining companies harming Indigenous peoples and the environment in Latin America.
- Rare earth minerals are important for technologies like smartphones, electric cars, and jet engines.
- The IADB has about $4 billion planned for mining projects in Chile, Argentina, and Brazil, mostly with private partners.
- Pope Leo XIV spent 20 years as a missionary in Peru, where he saw the impact of mining on local communities.
- Earlier in 2026, Pope Leo met with mining executives but shortly after, the Vatican promoted divestment from mining companies.
- The discussion highlights the challenge of balancing mining development with protecting Indigenous rights and the environment.
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