A Top Banker Tried to Sway Pope Leo XIV on Rare Earth Mining
Goldfajn said rare earth projects could benefit Latin America if governments require safeguards and local processing.
- On Friday, Inter-American Development Bank Ilan Goldfajn met privately with Pope Leo XIV to discuss rare earth mining, asserting the 17 essential elements could benefit Latin America if managed with proper safeguards and environmental standards.
- Spending two decades as a missionary in Peru, Leo ministered in mining hubs like Chiclayo and Piura, gaining intimate knowledge of both the industry's potential and its environmental impact on Indigenous communities.
- The IADB currently oversees a roughly $4 billion pipeline of critical mineral projects, mostly in Chile, Argentina, and Brazil, with three-quarters of that amount involving private companies seeking European investors.
- Goldfajn faces skepticism from a Vatican that has historically opposed extraction industries; Pope Francis denounced the "profit-at-all cost mentality" in his 2015 encyclical "Praised Be," citing mercury and sulfur dioxide pollution.
- Leo is expected to visit Peru in November, potentially revisiting areas where he ministered, though experts suggest securing the Church's support for mining initiatives remains a complex challenge.
26 Articles
26 Articles
The president of Latin America’s leading development bank appealed to Pope Leo XIV this week, in response to the Vatican’s request for the country to divest from the mining industry: the mistakes of the past can be avoided in extracting rare earth minerals to supply the growing global technology sector. Ilan Goldfajn, president of the Inter-American Development Bank (IDB), met privately with the Pope on Friday (19) and affirmed the potential of …
Ottumwa Courier
A top banker tried to sway Pope Leo XIV on rare earth mining
The head of Latin America’s top development bank has made a case to Pope Leo XIV about the potential of rare earth mining. Ilan Goldfajn, head of the Inter-American Development Bank, argues it could benefit Latin America if done responsibly.…
Associated Press News
A top banker made a case for mining to Pope Leo XIV, who has seen its impact up close
The head of Latin America’s top development bank has made a case to Pope Leo XIV about the potential of rare earth mining.
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