Viridis wins US$100m Canadian finance backing for rare earths play

The West Australian11-18

Viridis Mining and Minerals has secured the backing of one of the world’s leading export credit agencies, with Export Development Canada (EDC) offering to stump-up a maximum of US$100 million (A$153 ...

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Ionic brings to the table its patented and proven high-tech refining and recycling technology, potentially adding another dimension to Viridis’ rare earths capabilities.Highlighting a further show of faith in the size and quality of the Colossus project, Viridis recently announced it has hammered out a binding memorandum of understanding with two Brazilian asset management firms, ORE Investments Ltda and Régia Capital Ltda, clearing another pathway for staged payments of up to US$30 million (A$46 million) in private share placement funding.Private equity group ORE Investments only invests in the mining sector where it has deep experience in the technical, operational and financial sectors of the industry. Asset manager Régia Capital provides sustainable investments strongly aligned with environmental, social and governance criteria.The funding will add to Viridis’ financial war chest as it looks to push Colossus towards a final investment decision in the third quarter of next year and bring large commercial-scale quantities of rare earths to market.Securing a Letter of Interest from Export Development Canada marks another major milestone for Viridis and further validates the Colossus rare earth project’s global strategic significance.Viridis Mining and Minerals Ltd managing director Rafael MorenoMoreno said the endorsement from one of the world’s most respected export credit agencies has the potential to strengthen the project’s role in securing Western rare earths supply chains and complements the recent support received from the Bpifrance and BNDES/FINEP agencies.The company says Colossus has attracted strong interest from a wide range of export agencies, institutional investors and industry groups across North America, Europe, Brazil and Australia.The global interest is driven by the large-scale magnetic rare earth oxides within its massive reserve and low-cost flowsheet, expected to deliver a project capable of strong returns, even at today’s somewhat subdued prices.Colossus lies in Brazil’s mineral-rich Poços de Caldas region and boasts one of the highest-grade ionic adsorption rare earths deposits found anywhere outside China.The 200.6 million tonnes ore reserve hosts an average level of magnetic rare earth oxides at 740 parts per million (ppm), part of its overall 2640ppm total rare earth oxides at the project.The EDC financing comes packaged with access to potential Canadian equipment and service opportunities during the execution phase. Financing is subject to standard due diligence, approvals and finance conditions, with the letter-of-interest valid until November 17, 2026.The French export agency endorsement provides the Colossus project with eligibility for the French Government’s Garantie de Prêt Stratégique (GPS) financing program. The GPS is a premier sovereign-backed initiative designed to de-risk critical industrial projects and strengthen Western control over essential supply chains including critical minerals.Under the funding model, the GPS will support a tranche of senior bank debt for up to 50 per cent of the project’s long-term financing requirements, depending on the level of French offtake participation. The loan must rank equally with other lenders.Under the BNDES/FINEP initiative, Brazil plans to inject a whopping BRL$5 billion (US$938 million) into the country’s most noteworthy strategic mineral projects to strengthen its local supply chains. Viridis received its initial nod in June to progress to the next phase of the initiative.Being tapped to participate in the program could further fast-track Viridis’ Colossus project and significantly boost its Viridion JV recycling and downstream refining business.Providing certain requirements are met, Viridis-Viridion could gain access to financial options, including BNDES funding programs, credit lines and equity investment and FINEP’s non-reimbursable resources.Viridis plans to negotiate a tailored funding package to help turbocharge Colossus towards development.The Viridion joint venture encompasses Ionic’s patented solvent extraction technology developed at its Belfast plant in Ireland. The partners recently secured land in Minas Gerais’ capital Poços de Caldas to build a centre for rare earths innovation, technology and recycling.Earlier this year, the company delivered an eye-opening scoping study, forecasting a staggering US$2.28 billion (A$3.50 billion) in EBITDA over a 20-year mine life.The majority of the annual US$114 million (A$176M) EBITDA will come from neodymium and praseodymium production, using spot prices of about US$60 per kilogram.Operating costs at Colossus are expected to drop in at just US$6/kg of total rare earth elements, leading to potentially one of the lowest-cost rare earths operations on the planet.Viridis, with a seemingly endless list of financing options to develop its Colossus project, could become a mainstay of rare earths supply for decades to come and if recent financing interest is anything to go by it looks very capable of overcoming the hurdle that typically kills projects – capital expenditure requirements.Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2584198876","isCrawlerRequest":true}