Top banker tried to sway Pope Leo XIV on rare earth mining

By David Biller and Nicole Winfield

The head of Latin America’s top development bank made a pitch to Pope Leo XIV this week in the face of the Vatican’s call to divest from the mining industry: that the mistakes of the past can be avoided in extracting rare earth minerals to supply a global tech boom.

Ilan Goldfajn, head of the Inter-American Development Bank, met privately with the pope on Friday and asserted the potential of rare earth mining, saying it could be a boon to Latin America provided there are safeguards and value is added locally.

It’s probably not an easy sell. The Vatican for years has taken a firm stand against multinational mining corporations, especially in Latin America and in favor of the Indigenous peoples, whose lands and livelihoods are often ravaged when mining projects come to town.

Goldfajn’s visit, which followed one earlier this year by