The pope knows Peru’s mines firsthand, but a top banker is pleading with him to change his mind on rare earths

Ilan Goldfajn, head of the Inter-American Development Bank, met with Pope Leo XIV to argue that rare earth mining could benefit Latin America if done with environmental and labor safeguards. The Vatican has historically opposed mining due to its negative impacts on Indigenous communities and the environment, but Goldfajn emphasized the potential for responsible extraction projects in Chile, Argentina, and Brazil.