Viridis locks in leadership to push Brazil rare earths production

West Australian

14-07-2025

Viridis Mining & Minerals has locked in its leadership team for the final push towards production at its aptly named Colossus rare earths project in Brazil, with the appointment of chief executive officer Rafael Moreno as a board member and managing director.
The move comes on the back of an industry-leading pre-feasibility study (PFS) released by the company last week, which positions Colossus as one of the world's lowest cost and most economically robust rare earth operations.
The PFS revealed a pre-tax net present value of US$1.41 billion (A$2.14 billion) and a C1 operating cost of just US$6.20 a kilogram total rare earth oxides (TREO), which would cement Colossus as the lowest-cost rare earth producer globally.
With projected revenues of US$5.64 billion (A$8.62 billion) over a 20-year mine life and annual operating cashflow of US$197 million (A$298 million) at a conservative US$90/kg neodymium-praseodymium price, the project remains resilient even at today's depressed spot price of US$63/kg. It will deliver US$2.568 billion (A$3.89 billion) in cash flow.
Since joining Viridis early last year, Moreno has overseen the Colossus project from an exploration opportunity into a development asset with government support and global supply interests. With more than 23 years of experience in energy and mining, including leadership roles at Argosy, Santos, INPEX and ConocoPhillips, Moreno has managed projects with budgets of more than US$2 billion and delivered many capital project successes.
Moreno's leadership comes at a critical juncture as Viridis advances key near-term priorities. Following the blockbuster PFS, the company says it is fast-tracking technical work for a subsequent installation licence already underway, while financing and offtake discussions heat up.
Leveraging the de-risked economics to attract strategic investors, the company already has the Brazilian government on side as it reaches out to global banks to secure Western rare earths production in a tightening supplier landscape.
Viridis now moves into the critical definitive feasibility study and final investment decision phases, where execution becomes paramount.
The company says its targeted metallurgical test program to enhance recoveries, which will underpin the definitive feasibility study, is set to commence shortly.
Viridis' momentum comes at a perfect time as the West scrambles to secure non-Chinese rare earth supplies, underscored by a recent US Department of Defence announcement of a US$400 million investment into the rare earths industry via the nation's Mountain Pass mine in California, where it will set an enticing US$110/kg neodymium-praseodymium price floor.
And despite depressed rare earth prices, the industry is humming. Thanks to Colossus' access to a 100 per cent hydro and solar-powered grid and nearby infrastructure in Poços de Caldas, the project's cost advantages and global strategic importance are near unrivalled in the ionic clay rare earths environment.
With Brazilian government support secured through a R$5 billion (A$1.37 billion) strategic minerals program in June, Viridis looks comfortably placed with Moreno at the helm to cash in on the surging demand for magnet rare earths.
As the company transitions to execution under Moreno's leadership, Colossus looks set to redefine the global rare earths market, delivering unmatched economics and strategic value in a supply-constrained world.
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