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 centre and a recently commissioned demonstration plant. Colossus, in southeast Brazil, was one of 56 projects named last year in a 5 bln reais BNDES and Finep funding programme 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

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 centre and a recently commissioned demonstration plant. Colossus, in southeast Brazil, was one of 56 projects named last year in a 5 bln reais BNDES and Finep funding programme 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 finalise 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.