Australian-listed developer Viridis Mining and Minerals has raised up to $120mn and completed a definitive feasibility study (DFS) for its Colossus ionic clay rare earth project in Brazil, advancing the asset closer to a final investment decision.
The equity package comprises $75mn from One Investment Management (OneIM), $40mn from institutional shareholders and an accelerated $5mn tranche from existing investors ORE Investments and Regia Capital. OneIM will take a 9.9pc stake.
The package provided Viridis with enough equity to meet Colossus' indicative equity requirement, the company said today.
The DFS puts C1 operating costs at $9.84/kg of rare earth oxide, with a 2.7-year payback period and a 36.4pc internal rate of return over a 25-year production horizon.
The project would process 5mn metric tonnes (t)/yr of ore to produce 2,967 t/yr of magnet rare earth oxides.
The DFS assessed project economics using a combination of Western floor-price and spot-price scenarios, assuming floor prices of $575/kg for dysprosium and $2,050/kg for terbium, and $110/kg for neodymium and praseodymium.
Viridis in June signed a non-binding agreement with Belgian chemicals firm Solvay for mixed rare earth carbonate offtake, with deliveries targeted starting in 2028.
