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. This was reported by Qazaqyia.kz citing Associated Press.
Ilan Goldfajn, president of the Inter-American Development Bank, explained the significance of his meeting with the Pope in an interview with the Associated Press on June 18, 2026, in Rome. He highlighted the importance of rare earth elements, including neodymium, praseodymium, terbium, and dysprosium, which are essential for producing permanent magnets. These elements are mined at the Serra Verde Mining operation in Minacu, Goias state, Brazil.
Goldfajn argued that with new technologies and strict regulations, the environmental and social impacts of mining can be mitigated, avoiding past mistakes. Pope Leo XIV, who has seen the impact of mining up close, pays special attention to this issue. On June 18, 2026, he celebrated the funeral service for late Cardinal Camillo Ruini in St. Peter's Basilica at the Vatican.
According to the Associated Press, Goldfajn told the Pope that rising demand for rare earth metals can create jobs and boost economic growth, but the process must be environmentally sustainable. The Vatican had previously called for divestment from the mining industry, but Goldfajn believes modern methods and international cooperation can reform the sector.
Using the Serra Verde mine as an example, Goldfajn demonstrated the efficiency of rare earth extraction. As of July 28, 2025, the mine produces neodymium, praseodymium, terbium, and dysprosium for permanent magnets. The article also includes an image of a front-end loader transporting phosphogypsum in Phalaborwa, South Africa.
The meeting between Goldfajn and the Pope took place on June 18, 2026, in Rome. Discussions covered the future of mining, environmental issues, and technological development. Pope Leo XIV, based on his previous experience, is well aware of mining's impact on people and the environment. Nevertheless, Goldfajn is confident that new approaches and international standards can make the industry sustainable.
The Associated Press published this story along with photos of the interview in Rome and the Vatican ceremony. The article also notes that Pope Leo XIV celebrated the funeral service for Cardinal Camillo Ruini on June 18, 2026, at St. Peter's Basilica.
In conclusion, Ilan Goldfajn's appeal to the Pope aims to reconsider the role of mining in the global economy and make it environmentally sustainable. This initiative could foster development in Latin America and other regions.