Viridis Opens Brazil Rare Earth Center, Targets 2028 Output for US and Europe
Updated
Updated · Reuters · May 28
Viridis Opens Brazil Rare Earth Center, Targets 2028 Output for US and Europe
2 articles · Updated · Reuters · May 28
Pocos de Caldas gained Viridis' new rare earth research and processing center on Thursday, a step toward steady-state production at its Colossus mine in Minas Gerais by end-2028.
The facility will produce the project's first mixed rare earth carbonate and process up to 100 kilograms of ore an hour, which CEO Rafael Moreno said should strengthen offtake talks.
Viridis is in advanced discussions with U.S. and European buyers and is excluding Chinese interest, arguing Western supply-chain diversification should deliver better pricing.
China still dominates the market with 60% of global mine output and more than 90% of refined rare earth production, a backdrop that has pushed Western governments to seek alternative supplies.
Colossus is expected to cost $360 million to $370 million, potentially rising to $400 million if lenders require extra working capital, with project financing targeted for the third quarter.
With China controlling 90% of refining, can a new Brazilian mine truly challenge its dominance?
Beyond mining, can the West fund the $60 billion refining capacity needed for a non-Chinese supply chain?
Is Brazil's rare earth boom a path to supply chain security or just a new geopolitical battleground?
Brazil’s Colossus Project: Building a 493 Million Tonne Rare Earth Supply Chain to Challenge China’s Dominance
Overview
Brazil has taken a major step in building its rare earth supply chain by inaugurating the Viridis Poços de Caldas processing facility. This pilot plant, with a capacity of 100 kg/h, is designed to gather essential data and refine processes, helping to overcome technical challenges that have troubled similar projects in the past. By serving as a foundation for larger ventures like the Colossus project, the facility provides valuable operational experience and de-risks future scale-up efforts. This strategic move sets the stage for Brazil’s growth as a key player in global rare earth production.