BNDES approved a 77.5 mln reais (≈$15 mln) 16-year loan to Viridis Mining and
Minerals to fund the Colossus rare-earth project’s research center and a
recently commissioned demonstration plant. Colossus, in southeast Brazil, was
one of 56 projects named last year in a 5 bln realis BNDES and Finep funding
program for critical-minerals supply chains. Viridis CEO Rafael Moreno said
the move is part of Brazil’s effort, alongside US state funding, to develop
domestic rare-earth reserves; he expects to finalize additional financing within
one month to six weeks and is discussing equity participation with BNDESPar. The
Perth-based developer has submitted a final feasibility study; BNDES will
conduct due diligence before issuing a term sheet.
