The head of Latin America’s top development bank, Ilan Goldfajn, met with Pope Leo XIV to discuss the potential of rare earth mining in the region. Goldfajn emphasized the importance of safeguards and local value addition to avoid past mistakes.

Rare Earth Mining and the Vatican

The Vatican has long been critical of multinational mining corporations, particularly in Latin America, where Indigenous peoples’ lands and livelihoods are often affected. Pope Leo XIV, who spent two decades working as a missionary in Peru, is familiar with the environmental impact of extraction industries.

Goldfajn’s visit follows a private audience between the pope and top mining executives in January. The Vatican later launched a campaign to encourage divestment from mining companies, citing concerns over the treatment of Indigenous peoples and the environment.

A Delicate Balance

The Inter-American Development Bank has a $4 billion pipeline of critical mineral projects in the region, mostly in Chile, Argentina, and Brazil. Goldfajn believes that with the right standards, labor conditions, and environmental governance, rare earth mining can be a boon to Latin America.

Pope Leo XIV is expected to visit Peru in November, where he will likely face questions about the Vatican’s stance on mining. The pope’s experience in the region and his criticism of corrupt mining deals may influence his decision on the matter.

Original reporting: KTBS 3 (Shreveport) — read the source article.