Australian miner Viridis secures advanced offtake talks with US and European buyers, excluding China, for its Colossus rare earths project.
Australian miner Viridis Mining and Minerals has entered advanced negotiations with European and US buyers for offtake from its $360m Colossus rare earths project in Brazil. The company excludes Chinese buyers from talks, focusing solely on Western markets amid rising demand for critical minerals in electric vehicles and defense technologies.
The Colossus project, Viridis’ first in Brazil, aims for steady-state production by late 2028. The company recently opened a research and processing center in Poços de Caldas, capable of processing 100kg/h of ore. Costs may rise to $400m if additional working capital is required, with financing expected to close in Q3.
Governments in the US and Europe are seeking to reduce reliance on China for rare earths, driving interest in alternative suppliers. Viridis’ decision to exclude Chinese buyers aligns with Western efforts to diversify critical mineral supply chains.