Viridis Mining and Minerals has secured approximately €13.1 million in Brazilian public financing for a rare-earth research and processing centre connected to its Colossus project in Minas Gerais. Brazil’s development bank BNDES approved approximately R$77.5 million, equivalent to about €13.1 million, for the Rare Earth Research and Processing Centre in Poços de Caldas. The financing has a 16-year tenor, including a four-year grace period, and will support research, processing development and demonstration-scale activities.
BNDES financing supports processing development
The BNDES package represents confirmed public financing for activities associated with rare-earth processing at the Colossus project. The funding comes from Brazil rather than European institutions. Viridis’ European connection is instead linked to its commercial and technical relationship with Belgian chemicals company Solvay.
Solvay’s La Rochelle facility in France has been evaluating material from Colossus. Viridis has also signed a strategic offtake and technical-cooperation letter of intent with Solvay. That arrangement remains non-binding and does not constitute contracted commercial sales.
European links through Solvay and Bpifrance
French export-credit agency Bpifrance has separately provided indications of financing support for the project. Those indications also do not represent committed project debt. The relationship with Solvay could connect material from Colossus with existing rare-earth processing capacity in France, while the project is being developed as a potential source of supply outside China.
Colossus targets ionic-adsorption-style mineralisation
The Colossus project is targeting rare-earth production from ionic-adsorption-style mineralisation. The deposit type could provide magnet rare earths through processing routes that differ from the conventional hard-rock methods used by many competing projects.
The project’s potential European industrial relevance is linked to the possibility of supplying existing separation capacity in France and reducing exposure to Chinese rare-earth supply chains. The BNDES financing provides funding for research, processing development and demonstration-scale work, while further progress will depend on binding offtake arrangements, full-scale project financing and sustained industrial production.
