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Vatican Weighs Rare Earths: Pope's Stance Key
20 Jun
Summary
- Vatican head meets development bank chief on rare earth mining.
- Bank head proposes ethical extraction to appease mining critics.
- Pope's past missionary work informs his views on resource extraction.
Ilan Goldfajn, head of the Inter-American Development Bank, recently presented a case to Pope Leo XIV regarding the extraction of rare earth minerals. This meeting occurred amidst the Vatican's ongoing campaign to encourage divestment from the mining industry.
Goldfajn highlighted the potential for rare earth mining to benefit Latin America, provided that stringent environmental and labor standards are implemented, alongside local value addition. He noted the Inter-American Development Bank's significant pipeline of critical mineral projects, primarily in Chile, Argentina, and Brazil.
The Vatican has consistently voiced concerns about mining's historical exploitation of Indigenous lands and environmental degradation in Latin America. Pope Leo XIV, having served as a missionary in Peru for two decades, possesses firsthand knowledge of these issues.
While the Vatican has not released details of the meeting, the Pope's prior engagements, including an audience with mining executives in January, suggest an openness to dialogue. However, his subsequent call for divestment underscores a persistent critical stance on the industry's practices.
