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Highlights
Viridis Mining completes Prefeasibility Study for Colossus Project in Brazil
Colossus identified as a high-grade, low-cost ionic clay rare earth asset
Company now advancing offtake and funding pathways following milestone
Viridis Mining and Minerals (ASX:VMM), part of the All Ordinaries, has announced the results of a Prefeasibility Study for its Colossus Project, confirming its position as a globally significant ionic clay rare earth asset. The company is progressing development activities at the project, located in Brazil’s State of Minas Gerais, which is recognised for its strategic magnet rare earth elements.
The study marks a significant technical and commercial milestone for the project, positioning Colossus as a rare earth development with an extensive life-of-mine forecast and favourable cost metrics when benchmarked against global peers.
Low-Cost Development with Long-Term Scalability
Colossus has been flagged for its low-capital intensity and long mine life, which underlines its cost-effective development profile. Viridis Mining reports that the asset benefits from a scalable resource base and low-complexity metallurgy, contributing to lower expected development and operational costs.
The company also highlights strong financial metrics derived from the study’s pricing assumptions, noting that the asset’s returns remain robust even under conservative spot pricing scenarios. Colossus is reported to be the first ionic clay rare earths project in South America to complete a Prefeasibility Study, setting a precedent for similar developments in the region.
Pathway to Production and Supply Chain Significance
Viridis is now focused on advancing offtake and financing arrangements. The company indicates it will leverage the strength of the PFS and the strategic interest in Western supply chains for rare earths, particularly those used in permanent magnet applications. The high-grade profile and simple processing flowsheet are central to its development strategy.
The Colossus Project is located within the Poços de Caldas Alkaline Complex, a region known for its rare earth mineralisation hosted in ionic adsorption clays. These clays are recognised for their amenability to conventional leaching, making them attractive for cost-efficient extraction of rare earths.
Ongoing Optimisation and Technical Work
Viridis has confirmed that further metallurgical testwork and engineering studies are underway, with the objective of refining processing efficiency, reducing cost structures, and extending mine life beyond the initial plan. The company has also pointed to high-grade zones such as Tamoyo, which may support improved head grades and expanded throughput as development progresses.
Production from Colossus is currently scheduled to commence in a few years, with construction and commissioning activities mapped out in accordance with environmental and regulatory milestones.
Viridis Mining and Minerals remains focused on contributing to the diversification of rare earth supply, positioning the Colossus Project as a key source of magnet rare earths in the Western Hemisphere.
