Viridis Secures $903M Funding to Accelerate Colossus Rare Earth Project

Strategic Funding Boost from Brazil

Viridis Mining and Minerals Limited, alongside its joint venture Viridion Pty Ltd, has been selected by Brazil’s National Bank for Economic and Social Development (BNDES) and the Federal Agency for Funding Authority for Studies and Projects (FINEP) to receive a significant portion of a US $903 million funding package. This investment aims to accelerate the development of strategic mineral projects critical to the global energy transition, with rare earth elements and permanent magnets at the forefront.

The funding will underpin the advancement of Viridis’ flagship Colossus Project, located in Brazil, supporting the construction of pilot and commercial plants, metallurgical testing, engineering feasibility studies, and acquisition of long lead equipment. This financial backing is a strong endorsement of the project’s maturity, economic resilience, and the proven downstream refining and recycling technology licensed from Ionic Rare Earths Limited.

A Pivotal Moment for Rare Earth Supply Chains

Viridis’ selection comes amid tightening global rare earth supply conditions, notably China’s recent export restrictions, which have underscored the need for diversified and secure supply chains. The Colossus Project is positioned to become the first fully integrated rare earth supply chain outside China, a milestone that could reshape the strategic landscape for critical minerals.

CEO Rafael Moreno highlighted the significance of this milestone, emphasizing Viridis’ role in delivering high-purity rare earth oxides to Latin America’s only magnet manufacturer and the company’s readiness to contribute meaningfully to supply diversification. The funding is expected to accelerate Viridis’ development timeline and enhance its capacity to meet growing global demand.

Progress and Next Steps

Viridis is advancing several key initiatives in parallel with the funding announcement. The pre-feasibility study (PFS) with Hatch is on track for completion by the end of Q2 2025, a critical step to de-risk technical design and cost estimates. Environmental licensing is progressing following the submission of the Environmental Impact Assessment earlier this year, with the Installation License required before construction can commence.

Additionally, Viridis continues to engage in discussions with potential strategic offtakers, project financiers, and partners to secure further support and commercial agreements. The company is also well positioned to capitalize on a second Brazilian government funding call, which allocates approximately US $542 million to technology development and innovation centers, aligning with Viridis’ downstream processing ambitions.

Strategic Implications

This funding not only accelerates Viridis’ path to production but also signals Brazil’s commitment to establishing itself as a key player in the critical minerals sector. The Colossus Project’s robust economics and integration with proven refining technology provide a competitive edge, potentially enabling Viridis to weather commodity cycles better than many peers.

For investors and industry watchers, Viridis’ progress offers a glimpse into the evolving rare earths landscape, where geopolitical shifts and supply chain security are driving new opportunities outside traditional strongholds.