Viridis gets nod to advance with joint support plan for Brazilian REE project
Viridis Mining and Minerals, alongside its joint venture (JV) entity Viridion, have been chosen by two of Brazil’s development institutions, Brazilian National Bank for Economic and Social Development (BNDES) and Federal Agency for Studies and Projects (FINEP), for a joint support plan (PSC) to accelerate the Colossus Project in Brazil.
This move aligns with the proposal submitted by the company on 30 April 2025.
Last month, Viridis was officially selected to progress to the next phase of Brazil’s strategic minerals funding initiative. Following discussions with BNDES and FINEP, the company confirmed its inclusion in a PSC, which could lead to funding for the rapid development of the Colossus Project.
The joint BNDES/FINEP initiative will channel 5bn reais into Brazil’s “most promising” strategic mineral projects.
Having advanced past the second stage and secured a PSC, Viridis and Viridion – a JV between Viridis and IonicRE – are poised to negotiate a funding package to expedite the development of the Colossus Project and its downstream operations.
Viridis managing director Rafael Moreno said: “Being selected by BNDES and FINEP to progress to a joint support plan, under Brazil’s strategic minerals initiative, is a major milestone for Viridis and a strong endorsement of the Colossus Project’s technical quality, economic viability and downstream integration strategy. This recognition positions us at the forefront of establishing the first fully integrated rare earths supply chain outside China, a goal that now moves significantly closer.
“With global demand for rare earths accelerating amid rising geopolitical and supply chain risk, Colossus stands out as one of the very few Western projects with realistic near-term production potential and compelling economics, even at current pricing. The successful delivery of high-purity rare earth oxides to Latin America’s only magnet manufacturer, utilising IXR’s proven technology, further validates our commercial pathway.”
The project’s commercial-scale economic viability was a key selection factor.
With the new funding and a robust pre-feasibility study, Viridis is well-positioned to fast-track production, leveraging patented refining and recycling technology licensed from IonicRE.
IonicRE managing director Tim Harrison said: “IonicRE and Viridion are grateful for the support of BNDES and FINEP, and together with Viridis Mining and Minerals, we look forward to agreeing the funding package and finalising details for the support structure plan in the coming weeks and commencing activity on the CRITR facility in Poços de Caldas.”