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Brazil Mine Shuns China for Western Rare Earth Buyers
29 May
Summary
- Viridis Mining is securing rare earth buyers outside of China.
- A new research center opened to process critical minerals.
- The Colossus mine project costs between $360-$400 million.
Australian rare earths miner Viridis Mining and Minerals is in advanced discussions with European and U.S. offtake buyers for its Colossus mine, located in Brazil's Minas Gerais state. The company has explicitly stated it is not pursuing Chinese interest for its rare earth products. This strategic decision supports a global trend to reduce reliance on China for critical minerals. Viridis recently inaugurated a rare earth research and processing center in Pocos de Caldas. This facility is set to produce the mine's first mixed rare earth carbonate, containing key minerals like neodymium and terbium. The center will process up to 100 kilograms of ore per hour. The Colossus project aims for steady-state production by the end of 2028. The estimated cost for the project ranges from $360 million to $370 million, potentially increasing to $400 million with additional working capital requirements. Project financing is anticipated to conclude in the third quarter. Viridis also has operations in Australia and Canada.
