Latest news with #ViridisMining&Minerals
West Australian
14-07-2025
- Business
- West Australian
Viridis locks in leadership to push Brazil rare earths production
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. Is your ASX-listed company doing something interesting? Contact:
West Australian
09-07-2025
- Business
- West Australian
Viridis forecasts world's lowest-cost rare earths project in Brazil
Viridis Mining & Minerals has dropped an industry-leading prefeasibility study (PFS) for its flagship Colossus rare earths project in Brazil, unveiling economics that position it as one of the most financially robust and lowest-cost rare earths operations globally. With a pre-tax net present value of US$1.41 billion (A$2.14 billion) and a potentially cheapest-in-class operating cost, Colossus looks a chance to redefine the Western rare earths supply chains despite depressed rare earths pricing. The company's PFS projects a staggering US$5.64 billion (A$8.62 billion) in total revenue over a 20-year mine life at a what it says is a conservative base case price of US$90 a kilogram for the high demand battery metals neodymium-praseodymium. Even at today's depressed spot price of US$63/kg, the project delivers an impressive US$2.568 billion (A$3.89 billion) in cashflow, underscoring its resilience across market cycles. Annual operating cashflow is forecast at US$197 million (A$298 million) in the base case, soaring to US$260 million (A$394 million) under an upside scenario of US$111/kg neodymium-praseodymium. The figures project a juicy bump up from Viridis' tabled scoping study earlier this year. Driven by optimised mine planning and reduced capital costs, the new figures deliver a staggering 65 per cent improvement on the preliminary scoping study numbers. Initial capital expenditure is estimated at a lean US$286 million (A$434 million), with total capex coming in at US$358 million (A$542 million). Operating costs are where Colossus truly shines. With a C1 operating cost of just US$6.20/kg total rare earth oxides (TREO) and an all-in sustaining cost of US$9.30/kg, the project would sit firmly as the lowest cost producer of rare earths globally. The cost advantage stems from the project's true ionic adsorption clay mineralisation, enabling a simple ammonium sulphate leaching process with high recoveries from very low intensity acid inputs. The PFS evaluates a 5 million tonne per annum production facility, targeting high-grade mineral rare earth oxide (MREO) deposits in the project's Northern Concessions and Cupim South tenements. Annual production is expected to yield 9448 tonnes TREO, including 3518 tonnes of high-value MREO, with a premium basket price of US$43/kg TREO. As its name would portent, Colossus is not some small-scale, low-cost, low-capex rare earths project. The resource hosts a compelling 493Mt at 2508 parts per million (ppm) TREO, with 601ppm MREO, of which only 20 per cent is utilised in the PFS' immense 20-year mine life. Despite Viridis' modest $50 million market cap its study figures compare very favourably to Brazil rare earths kin and $250 million plus market cap Meteoric Resources. Colossus stands shoulder-to-shoulder with Meteoric's Caldeira project as a potential global leader in ionic clay rare earths. With Viridis' study showcasing similarly benchmark low operating costs and an even lower capex of US$358 million vs. Caldeira's US$400–420 million. The company says a large play card for its lowest operating cost mining potential is the project's access to a 100 per cent from hydro and solar-power grid, coupled with its proximity to established infrastructure in the Brazilian municipality of Poços de Caldas. Viridis says it is deep in advanced offtake and financing discussions, with the project's premium MREC product, which is low in impurities and rich in MREO attracting significant interest from global refineries. As geopolitical tensions underscore the need for non-Chinese rare earth supplies, Viridis is emerging as a linchpin in the Western critical minerals landscape. With unmatched economics, a scalable resource and a de-risked development pathway, Colossus looks set to become a cornerstone of global rare earth production. Is your ASX-listed company doing something interesting? Contact:
West Australian
13-06-2025
- Business
- West Australian
Brazil selects Viridis for slice of $1.37B critical metals fund
ASX-listed Viridis Mining & Minerals has landed a major financial coup by being selected for a potential slice of Brazil's R$5 billion (A$1.37 billion) strategic minerals funding program aimed at fast-tracking the country's clean energy transition. The company's flagship Colossus rare earths project in Brazil's Minas Gerais region, together with associated refining and recycling facilities, will receive support under a prestigious government agency initiative. The Brazilian National Bank for Economic and Social Development (BNDES) and the country's Federal Agency for Funding Authority for Studies and Projects (FINEP) have teamed up in a joint scheme to invest in key energy-transition materials, such as rare earths and permanent magnets. Viridis says its selection marks a massive vote of confidence in the company, as it pushes to build the world's first fully integrated rare earths supply chain outside of China. Management is now gearing up to lock in the deal, with funding set to flow through a mix of grants, debt and, possibly, a strategic equity slice. As China tightens the screws on rare earth exports, putting global supply chains on edge, Viridis' funding news appears particularly well timed. Through its joint venture (JV) entity with fellow listed partner Ionic Rare Earths – dubbed Viridion – Viridian hit a major milestone in May when it produced its first batch of recycled high-purity neodymium, praseodymium, dysprosium and terbium oxides. The JV was established to investigate options for in-country magnet metals recycling. The material was delivered for testing to the not-for-profit FIEMG's Innovation and Technology Centre of Minas Gerais (CIT SENAI) in Lagoa Santa city. The centre's Lab Fab facility is the first of its kind in Latin America. The oxides, which are vital ingredients for permanent magnets, were recovered from old magnets and wind turbines in Brazil using cutting-edge technology developed at Ionic's Belfast facility. In addition to the initial R$5B program, Brazil unleashed a second R$3B (A$542M) war chest to target downstream technology and innovation hubs to aid the country's efforts with the energy transition and decarbonisation. Having ticked the box with successful oxide deliveries, Viridis says Viridion is well-positioned to tap into this next wave of government support. Viridis Mining is riding high after unveiling a blockbuster scoping study in February for its Colossus rare earths project in Brazil, forecasting a whopping US$2.28 billion (A$3.59B) in EBITDA over a 20-year mine life. The lion's share of the annual US$114 million (A$180M) EBITDA will come from neodymium and praseodymium production, using spot prices of about US$60 per kilogram. Operating costs at Colossus are projected to come in at just US$6/kg of total rare earth elements, leading to what Viridis believes could become one of the lowest-cost rare earth operations on the planet. As well as hosting a sizeable neodymium-praseodymium resource, Colossus also contains the world's highest measured and indicated grades of dysprosium and terbium of any current ionic clay deposits. The study quietly revealed plans to churn out 146 tonnes of those heavy hitters annually for the first five years, and 156 tonnes each year afterafter. The deposit is also stacked with 6285t samarium, 4125t gadolinium and 13,553t yttrium, which are all included on China's banned list. Meanwhile, the company is advancing a pre-feasibility study with engineering firm Hatch, due to be completed this quarter, and working to secure key environmental licences and offtake agreements. For Viridis, the potential backing from BNDES and FINEP puts it in rarefied company. Meteoric Resources and Ionic are the only two other Australian companies to get the nod for the Brazilian funding. As the global hunt for critical minerals heats up, Viridis appears to be shaping up as a serious contender to redraw the rare earths supply chain, with Colossus fast emerging as the jewel in its crown. With government backing, world-class grades and ultra-low operating costs, the company is gaining real traction in its mission to supply the metals that drive EVs, wind energy and next-generation defence technology. Is your ASX-listed company doing something interesting? Contact:
