Brazil flags Viridis rare earths project for global climate fund

The West Australian03-10

Viridis Mining and Minerals has landed another big nod of support in Brazil after its Colossus rare earths project was selected for the Brazil Climate and Ecological Transformation Investment Platform...

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The government-backed initiative aims to link priority climate-transition projects with deep pools of international capital.The platform is being run in coordination with Brazil’s Ministry of Finance and is supported by Brazilian Development Bank BNDES, one of the largest development banks in the world.BNDES is the main financing agent for development in Brazil. Since its foundation in 1952, it has played a fundamental role in stimulating the expansion of industry and infrastructure in the country.The BIP platform, therefore, brings together government, multilateral development banks and global climate funds to accelerate investment across areas such as energy transition, industrial decarbonisation and critical minerals supply chains.Viridis says its inclusion on the platform places the company’s Colossus project firmly on Brazil’s national pipeline of climate-transition investments, lifting its visibility with development finance institutions, sovereign investors and other global capital providers.An initial US$25.4 billion (A$35.81 billion) pool has been earmarked for projects that meet the platform’s criteria, underscoring the initiative’s massive funding capacity.Notably, St George’s selection as a potential funding recipient adds another lane to the company’s financing playbook as it pushes toward a final investment decision in the second half of 2026.Viridis previously flagged support from a suite of export credit agencies and financiers, including Bpifrance Assurance Export, Export Development Canada and Export Finance Australia, alongside engagement with BNDES and the Funding Authority for Studies and Projects (FINEP) for potential project lending.Viridis Mining and Minerals managing director Rafael Moreno said: “The initiative brings together the Brazilian Government and global climate capital with the objective of accelerating investment into priority projects supporting Brazil’s ecological and industrial transformation.”On the equity side, Viridis has already secured a US$30 million strategic investment from ORE Investments and Regia Capital - Brazilian-based investment groups specialising in mining and sustainable, ESG-aligned investments. Vale and BNDES have chosen the investment partners as a consortium to deploy the Brazilian Strategic Minerals Fund.The company says it continues to weigh up its options for the remaining equity component needed to optimise its overall project financing mix, estimated at US$72 million (A$101 million).For context, Viridis’ Colossus project is a clay-hosted rare earths project in Brazil’s Poços de Caldas region. In January 2025, Viridis upgraded its mineral resource to 493 million tonnes at 2508 parts per million (ppm) total rare earth oxides (TREO), containing an average of 601ppm magnet rare earth oxides MREO.An August 2025 maiden ore reserve came in at 200.6 million tonnes at 2640 ppm TREO and 740 ppm magnet rare-earth oxides, numbers that help explain why the project keeps popping up on “strategic” lists. That reserve points to a potential high-grade mine plan running for up to 40 years, even before several of Colossus’ richest zones have been factored into the schedule.With Colossus now sitting inside a government-backed shop window for climate capital, Viridis looks to be stacking up the right introductions ahead of its next big milestone.If the funding pieces fall into place, Viridis could find itself in a strong position to ride the next wave of demand for rare earths, enabling the manufacture of permanent magnets vital for electric vehicles and wind turbines.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":"0","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,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","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/2618938311","isCrawlerRequest":true}