Australia backs Viridis’ Brazilian rare earth project

Market: Metals
06/01/26

Australian government funder Export Finance Australia (EFA) intends to open a $50mn debt facility to help Australian developer Viridis develop its Colossus rare earth project in Brazil, joining French, Canadian, and Brazilian state-owned investors.

EFA has issued a non-binding, conditional letter of support for the debt package, Viridis told investors on 6 January. The Australian agency's support is subject to due diligence, approvals, and the use of some Australian goods and services, Viridis added.

Viridis plans to mine a range of rare earths including neodymium, praseodymium, dysprosium, and terbium at Colossus, using ionic clay deposits. It increased its estimated Colossus rare earth ore reserve from 98.5mn t to 200mn in August 2025.

Viridis aims to make a final investment decision on the project in July-December 2026, it said today.

Multiple global export agencies have backed Colossus. Canadian financing agency Export Development Canada and French state-owned funder Bpifrance expressed interest in funding Colossus in November 2025.

Brazil's state-run National Bank for Economic and Social and Economic Development and Federal Agency for Funding Authority for Studies and Projects similarly agreed to partly fund Colossus in June 2025.

Viridis also plans to develop a Brazilian rare earth refinery and magnet recycling plant with Australia's Ionic Rare Earths. Viridis will supply the refinery with rare earth carbonates from Colossus.

By Avinash Govind

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Australia backs Viridis’ Brazilian rare earth project

Related news posts

North EU HRC futures firming on CME

North EU HRC futures firming on CME

Nickel prices hit 15-month high on robust sentiment

Nickel prices hit 15-month high on robust sentiment

Mexican Jan-Nov steel exports to US down 30pc

Mexican Jan-Nov steel exports to US down 30pc

Copper surges past $13,000/t as bull run gains pace

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Intrepid Potash developing Utah lithium project

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