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Viridis Mining secures funding for the Colossus project in Brazil
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Release time：2025-06-17
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This project aims to develop sustainable supply chains for critical minerals, such as rare earths, essential for clean energy technologies.
Viridis Mining and Minerals has been selected by the Brazilian Development Bank (BNDES) and the Financing Agency for Studies and Projects (FINEP) for substantial funding for its Colossus project in Brazil. The project, developed by the company and its Viridion joint venture, is expected to create a sustainable supply chain for critical minerals such as rare earths. Following a public tender on January 7, 2025, BNDES and FINEP announced plans to allocate R$5 billion (US$903 million) to support strategic mineral projects related to Brazil's energy transition and decarbonization. The project funding was awarded as part of this strategic minerals initiative.
Viridis Mining CEO Rafael Moreno stated: “We are incredibly proud to be selected by BNDES and FINEP for funding under Brazil’s strategic minerals initiative. This recognition not only validates the technical and commercial strength of the Colossus project and our downstream capabilities, but also highlights Viridis’ growing position in the global rare earth supply chain.” “This funding represents a significant milestone for Viridis and our joint venture Viridion, enabling us to accelerate development and move decisively towards establishing the first fully integrated rare earth supply chain outside of China.”
In February 2025, the Brazilian government announced a second public tender, offering an additional R$3 billion (A$542 million) for the establishment of research, development, and innovation centers in Brazil. Viridis and Viridion’s plans align with this initiative, part of Brazil’s new industrial policy aimed at boosting the country’s technological capabilities. This funding will accelerate the development of the Colossus project, enabling Viridis to supply high-purity rare earth oxides to IXR, Latin America’s only magnet manufacturer, strengthening the strategic partnership between the two companies. Viridis is currently advancing multiple initiatives to progress the Colossus project, including a detailed pre-feasibility study with Hatch, expected to be completed by the end of Q2 2025. The company is also working to secure the necessary environmental installation permits and is engaged in project financing and offtake negotiations, key steps following the imminent completion of the pre-feasibility study.
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