Viridis Mining and Minerals has been selected by the Brazilian Development Bank (BNDES) and the Funding Authority for Studies and Projects (FINEP) to receive substantial funding for its Colossus Project in Brazil.
The project is being developed by the company and its Viridion joint venture (JV). It is expected to develop sustainable supply chains for critical minerals such as rare earths.
Following a public call on 7 January 2025, BNDES and FINEP announced plans to allocate 5bn reais ($903m) to support strategic minerals projects related to the energy transition and decarbonisation in Brazil.
The funding for the project was awarded as part of this strategic minerals initiative.
Viridis Mining CEO Rafael Moreno said: “We are delighted to have been selected by BNDES and FINEP for funding support under Brazil’s strategic minerals initiative. This recognition affirms not only the technical and commercial strength of the Colossus Project and our downstream capabilities but also highlights Viridis’ growing role in the global rare earths supply chain.
“This funding represents a significant milestone for both Viridis and our joint venture, Viridion, enabling us to accelerate our development timeline and move decisively toward establishing the first fully integrated rare earths supply chain outside of China.”
In February 2025, a second public call was announced, providing an additional R$3bn (A$542m) to establish research, development and innovation centres in Brazil.
Viridis and Viridion’s plans align with this initiative, part of the New Industry Brazil policy aimed at enhancing Brazil’s scientific and technological capabilities.
The funding will expedite the development timelines for the Colossus Project, enabling Viridis to deliver high-purity rare earth oxides to Latin America’s sole magnet manufacturer, IXR, reinforcing the strategic partnership between the two companies.
Viridis is currently advancing several initiatives to progress the Colossus Project, including a detailed pre-feasibility study with Hatch, expected to be completed by the end of the second quarter of 2025.
The company is also working on obtaining the necessary environmental installation licence and engaging in project financing and offtake discussions, which are crucial steps following the imminent completion of the pre-feasibility study.
