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Viridis Mining and Minerals Ltd (ASX:VMM) has announced the successful production of its maiden mixed rare earth carbonate (MREC) product from the Colossus project in Brazil, boasting impressive recoveries and high grades of critical rare earth elements. Notable recoveries include praseodymium, neodymium, dysprosium, and terbium, with overall magnetic rare earth oxide (MREO) recoveries reaching an impressive 76%.
World-Class Recovery Results
These remarkable results stem from a work program conducted by the Australian Nuclear Science and Technology Organisation (ANSTO), which optimized conditions for a flowsheet design aimed at producing MREC from a clay bulk composite sourced from the project’s Northern Concessions. ANSTO's testing confirmed the highest known recoveries for valuable MREOs in a MREC product, utilizing an economical ammonia-based flowsheet. This process involved leaching at a pH of 4.5, using 0.3M ammonia sulfate (AMSUL) at room temperature, with a 30-minute residence time.
Specific recovery rates were impressive, with praseodymium (Pr) recovery at 77%, neodymium (Nd) at 76%, dysprosium (Dy) at 67%, and terbium (Tb) at 71%. Located in Brazil's Pocos De Caldas region, the Colossus project is recognized as an ionic adsorption clay project. ANSTO's test work also yielded the lowest impurity product for a project of this nature.
Significance of the Findings
Rafael Moreno, CEO of Viridis, expressed that these results mark a significant achievement for the company. “As the industry grapples with depressed rare earth prices, the combination of superior basket value, exceptional recoveries, and a low-cost flowsheet sets Colossus apart from its rare earth peers,” Moreno stated. He emphasized the importance of not just having a high concentration of MREOs in the feed ore, but also the necessity of extracting them efficiently and economically.
Moreno further noted, “Achieving best-in-class NdPr recoveries of 76% and DyTb recoveries of 68% with a flow sheet designed based on low cost, benign pH, readily available reagents, and atmospheric conditions is unprecedented in the rare earth sector. This highlights the disruptive potential of ionic clays and indicates that Colossus could redefine the cost curve in this industry.”
Additionally, the extremely low levels of radionuclides and gangue elements present in the MREC product enhance the prospects for ongoing offtake discussions, as low impurity levels are essential for the economic downstream processing of MREC into individual rare earth oxides.
Market Reaction
Following the announcement, shares in Viridis Mining and Minerals Ltd experienced a positive response. At 12:29 AEST, the stock was trading at 69.5 cents, reflecting a 6.92% increase since the market opened.
With the successful production of MREC and world-class recovery rates, Viridis Mining and Minerals Ltd is poised to make significant strides in the rare earth market. The Colossus project not only demonstrates exceptional potential for economic viability but also positions the company favorably within an industry that continues to evolve in response to global demand for rare earth elements. Investors and stakeholders are likely to watch closely as developments unfold in this promising project.
