Latest news with #Viridis
West Australian
5 days ago
- Business
- West Australian
Viridis hatches plan for US refinery of Brazilian rare earths product
Viridis Mining & Minerals has unveiled its bold new plans to explore a United States-based rare earth refinery solution through its joint venture entity Viridion, capitalising on surging Western demand for critical minerals amid China's tightening rare earths monopoly. The company is now eyeing North America to cement its role as a cornerstone in a vertically integrated, ex-China rare earth supply chain. The move comes as the US ramps up its efforts to secure sustainable sources of magnet rare earth oxides (REO) vital for electric vehicles, defence systems and renewable energy technologies. Viridion is a 50:50 partnership with ASX-listed technology leader Ionic Rare Earths. Through Ionic, Viridis is updating a scoping study to assess the feasibility of producing a US mixed rare earth carbonate (MREC) from its flagship Colossus project in Minas Gerais, Brazil. The study, set for completion in the second half of this year, will build on Ionic's blueprint for a Tennessee-based facility capable of producing 4000 tonnes per annum of separated magnet REO, including dysprosium and terbium, which are also ensnared in China's export restrictions. Viridis' renowned premium MREC product already looks to be an industry leader, thanks to negligible impurities and cheap processing. Its robust economics, even in a low-price environment, make it an attractive feedstock for global refineries and could help meet the US's urgent need for traceable, high-purity materials. The US refinery scoping study will evaluate a pilot-scale facility, with discussions already advanced for a Brazilian site to validate processing methodologies. The proposed Tennessee plant, strategically located near potential US partners, would leverage Ionic Technologies' proprietary separation processes, for which Viridion holds exclusive global rights outside Asia and Uganda. Viridion has had its foot to the floor recently, with the joint venture last month delivering high-purity neodymium, praseodymium, dysprosium and terbium oxide from recycled magnets, utilising Ionic's cutting-edge hydrometallurgical technology. Last week, the company secured a slice of the Brazilian Government's US$1.4 billion (A$2.15B) strategic minerals program. The funding has turbocharged plans for its local refining and recycling assets, setting the stage for Viridis to export its proven technology to a potential US facility. Viridis maintains its focus remains with the Colossus project in Brazil, where a pre-feasibility study with engineering firm Hatch is on track for completion within the month. A February scoping study at the project forecast a staggering US$2.28B (A$3.6B) in EBITDA over a 20-year mine life, driven primarily by the all-important magnet rare earths neodymium and praseodymium. The project's ultra-low operating costs of US$6 a kilogram (A$9.2/kg) total rare earth oxides and high-grade heavy rare earths – estimated at 146 to 156 tonnes per annum of dysprosium and terbium in the first decade - place it in the lowest quartile of rare earth production globally. The company is engaged in advanced offtake and financing talks with strategic partners, following a successful environmental impact assessment submission in January. As global supply chains grapple with geopolitical risks, Viridis and by extension Viridion are emerging as front-runners in the race to secure critical minerals. Their US ambitions, now backed by Brazilian government support and Ionic's proven technology, position Viridion to bridge the gap between Western demand and non-Chinese supply. Is your ASX-listed company doing something interesting? Contact:
West Australian
13-06-2025
- Business
- West Australian
Brazil selects Viridis for slice of $1.37B critical metals fund
ASX-listed Viridis Mining & Minerals has landed a major financial coup by being selected for a potential slice of Brazil's R$5 billion (A$1.37 billion) strategic minerals funding program aimed at fast-tracking the country's clean energy transition. The company's flagship Colossus rare earths project in Brazil's Minas Gerais region, together with associated refining and recycling facilities, will receive support under a prestigious government agency initiative. The Brazilian National Bank for Economic and Social Development (BNDES) and the country's Federal Agency for Funding Authority for Studies and Projects (FINEP) have teamed up in a joint scheme to invest in key energy-transition materials, such as rare earths and permanent magnets. Viridis says its selection marks a massive vote of confidence in the company, as it pushes to build the world's first fully integrated rare earths supply chain outside of China. Management is now gearing up to lock in the deal, with funding set to flow through a mix of grants, debt and, possibly, a strategic equity slice. As China tightens the screws on rare earth exports, putting global supply chains on edge, Viridis' funding news appears particularly well timed. Through its joint venture (JV) entity with fellow listed partner Ionic Rare Earths – dubbed Viridion – Viridian hit a major milestone in May when it produced its first batch of recycled high-purity neodymium, praseodymium, dysprosium and terbium oxides. The JV was established to investigate options for in-country magnet metals recycling. The material was delivered for testing to the not-for-profit FIEMG's Innovation and Technology Centre of Minas Gerais (CIT SENAI) in Lagoa Santa city. The centre's Lab Fab facility is the first of its kind in Latin America. The oxides, which are vital ingredients for permanent magnets, were recovered from old magnets and wind turbines in Brazil using cutting-edge technology developed at Ionic's Belfast facility. In addition to the initial R$5B program, Brazil unleashed a second R$3B (A$542M) war chest to target downstream technology and innovation hubs to aid the country's efforts with the energy transition and decarbonisation. Having ticked the box with successful oxide deliveries, Viridis says Viridion is well-positioned to tap into this next wave of government support. Viridis Mining is riding high after unveiling a blockbuster scoping study in February for its Colossus rare earths project in Brazil, forecasting a whopping US$2.28 billion (A$3.59B) in EBITDA over a 20-year mine life. The lion's share of the annual US$114 million (A$180M) EBITDA will come from neodymium and praseodymium production, using spot prices of about US$60 per kilogram. Operating costs at Colossus are projected to come in at just US$6/kg of total rare earth elements, leading to what Viridis believes could become one of the lowest-cost rare earth operations on the planet. As well as hosting a sizeable neodymium-praseodymium resource, Colossus also contains the world's highest measured and indicated grades of dysprosium and terbium of any current ionic clay deposits. The study quietly revealed plans to churn out 146 tonnes of those heavy hitters annually for the first five years, and 156 tonnes each year afterafter. The deposit is also stacked with 6285t samarium, 4125t gadolinium and 13,553t yttrium, which are all included on China's banned list. Meanwhile, the company is advancing a pre-feasibility study with engineering firm Hatch, due to be completed this quarter, and working to secure key environmental licences and offtake agreements. For Viridis, the potential backing from BNDES and FINEP puts it in rarefied company. Meteoric Resources and Ionic are the only two other Australian companies to get the nod for the Brazilian funding. As the global hunt for critical minerals heats up, Viridis appears to be shaping up as a serious contender to redraw the rare earths supply chain, with Colossus fast emerging as the jewel in its crown. With government backing, world-class grades and ultra-low operating costs, the company is gaining real traction in its mission to supply the metals that drive EVs, wind energy and next-generation defence technology. Is your ASX-listed company doing something interesting? Contact:
