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Highlights
Viridis Mining selected for funding from Brazil’s national development banks
Support to advance the Colossus Project and downstream refining capabilities
Project aims to establish an integrated rare earths supply chain outside China
Viridis Mining and Minerals Ltd (ASX:VMM), listed on the All Ordinaries, has been selected to receive financial backing from key Brazilian institutions to further develop its Colossus Project in Minas Gerais and related downstream operations. This marks a significant step in the company’s mission to establish a fully integrated rare earths supply chain in the Americas.
The support comes through an initial funding program led by Brazil’s National Bank for Economic and Social Development (BNDES) and the Federal Agency for Funding Authority for Studies and Projects (FINEP). This initiative aims to allocate resources across strategic projects focused on critical minerals, energy transition, and sustainability.
Financial Support to Bolster Infrastructure and Processing
With this selection, Viridis and its joint venture entity Viridion will now engage with BNDES and FINEP to finalise a multi-faceted funding structure. The structure is set to include grants, debt support, and equity participation tailored to accelerate the next phases of project development.
The funding will contribute to a range of activities, including construction of pilot and commercial-scale plants, metallurgical testing, research and development, and feasibility studies. Additional allocations will support long lead equipment procurement and working capital, forming a base for future commercial production.
Viridis noted that the collaboration reflects the strength of the Colossus Project’s technical foundation and its broader downstream ambitions.
Colossus Project Positioned for Rare Earths Independence
Located in the Poço De Caldas Alkaline Complex, the Colossus Project spans over two hundred square kilometres and is defined as an ionic adsorption clay rare earths asset. The project is designed to support both upstream extraction and downstream processing in a single, vertically aligned model.
Viridis has consistently maintained that its strategy is focused on enabling a sustainable supply of rare earths for global markets amid rising concerns around supply chain disruptions. The funding announcement follows global moves, including recent export restrictions, that have intensified efforts to diversify critical mineral sources beyond existing dominant producers.
Prefeasibility Study Nearing Completion Amid Development Push
In parallel with securing financial support, Viridis is approaching completion of its Prefeasibility Study for the Colossus Project. The study is expected to play a pivotal role in defining project economics and guiding engineering and operational designs.
The company is also engaged in advanced discussions with prospective offtake partners and strategic collaborators, aligning with its objective of delivering long-term supply solutions across the clean energy and advanced technology sectors.
Brazil’s Commitment to Critical Minerals Supply Chain Development
The BNDES and FINEP funding program reflects Brazil’s broader policy shift toward strengthening domestic capabilities in critical minerals. The initiative aims to support commercial-scale projects, pilot programs, and research efforts across the value chain — from exploration to final processing.
For Viridis, this support signals recognition of its role in reshaping the rare earths landscape and advancing a low-carbon, diversified supply network. The Colossus Project is positioned to become a cornerstone of this new framework, as discussions progress toward full-scale implementation.
