Development Bank Head Meets Pope Leo XIV on Rare Earth Mining

The head of Latin America's top development bank met privately with Pope Leo XIV on Friday to present the case for rare earth mining in the region. Ilan Goldfajn, head of the Inter-American Development Bank, told the pope that extraction could benefit Latin America if conducted with proper safeguards and local value addition.

He noted the bank maintains a roughly $4 billion pipeline of critical mineral projects, mostly in Chile, Argentina and Brazil.

The Vatican has maintained a long-standing position against multinational mining operations, particularly in Latin America, citing impacts on Indigenous communities. Goldfajn's meeting followed an earlier audience with mining executives in January. Two months after that January meeting, the Vatican launched a campaign encouraging local churches to review investments and divest from mining companies where appropriate.

Rare earth elements are used in smartphones, semiconductors, electric vehicles and jet engines. Brazil holds the world's second-largest reserves after China, according to U.S. Geological Survey data. Goldfajn said in a June 18 interview that the region has the tools to meet environmental, labor and governance standards.

He noted that Leo spent two decades as a missionary in Peru in areas with significant copper and gold mining operations. The Vatican did not release details of the Friday meeting. Leo is scheduled to visit Peru in November.