Solvay and Viridis Mining and Minerals signed a binding long-term offtake agreement on 5 November 2026 for rare-earth material from Viridis’s planned Colossus project in Brazil to be processed in France. Contracted minimum quantities and price floors underpin approximately €812 million in potential minimum revenue for 2029–2034, if Viridis delivers the required volumes.
The agreement covers roughly 70% of forecast mixed rare-earth carbonate production over its initial term, from planned first production in 2028 through the end of 2034. The six-year take-or-pay period begins at the earlier of the commercial operations date or January 2029. Solvay has a right of first offer over additional planned production, but no obligation to buy it.
The revenue estimate is a conditional contractual calculation, not a cash payment, construction-finance commitment or guaranteed realised sale. Its minimum quantities and agreed price floors apply to neodymium, praseodymium, dysprosium and terbium, used in permanent magnets for electric motors, wind turbines and industrial equipment. The contract also covers samarium, yttrium and gadolinium, but those elements are not included in the estimate because equivalent price floors have not been specified.
Processing link and project financing
Belgian chemicals group Solvay operates a rare-earth separation and purification installation at La Rochelle, France, outside China. The plant is intended to convert imported mixed carbonate into individual high-purity products. The agreement provides a prospective long-term feedstock source and is intended to diversify Europe’s supply of permanent-magnet materials by linking extraction in Brazil with European processing for advanced-material manufacturers.
For Australian-listed Viridis, the contracted industrial customer could strengthen revenue visibility for lenders evaluating the proposed mine and processing facilities. The company has been advancing engineering, equipment procurement and debt-financing discussions, but has not announced a completed senior-debt package or a final investment decision tied to the offtake agreement.
Viridis is also discussing a separate licensing and technical-services arrangement under which Solvay technology could support production of higher-value carbonate at Colossus. The arrangement remains unsigned and is not part of the binding offtake agreement.
Brazilian permits, construction delivery and commissioning, as well as the quality of saleable material, will affect shipment timing. A delay to the project’s production timetable could defer deliveries to France and expected revenue under the agreement. The contract does not by itself establish a fully operational mine-to-magnet supply chain.
