Top Development Banker Urges Pope Leo XIV to Reconsider Rare Earth Mining

The head of Latin America's leading development bank made a case to Pope Leo XIV this week for responsible rare earth mining, despite the Vatican's longstanding criticism of the mining industry, David Biller and Nicole Winfield reported for The Associated Press (AP).

For years, the Vatican has maintained a firm stance against the environmental and social impacts of multinational mining operations, particularly in Latin America.

Ilan Goldfajn, president of the Inter-American Development Bank, met privately with the pope recently and highlighted the economic potential of rare earth mining.

He argued that the industry could benefit Latin America if proper safeguards are implemented and more value is added locally through processing and manufacturing.

The proposal may face resistance. For years, the Vatican has maintained a firm stance against the environmental and social impacts of multinational mining operations, particularly in Latin America.

The Church has often supported Indigenous communities whose lands and livelihoods have been affected by mining projects.

Goldfajn's visit, which followed a separate meeting earlier this year involving mining executives, suggests recognition of the pope's influence across the predominantly Catholic region and an effort to present the possibility of more sustainable mining practices.

Whether Pope Leo XIV will be persuaded remains uncertain, given his experience in Latin America and his criticism of mining agreements that he believes often favor corporations at the expense of local communities.