Viridis Mining secures canadian support for $100 million rare earths financing in Brazil

Viridis Mining and Minerals receives a letter of interest from Export Development Canada for up to $100 million in debt financing for its Colossus rare earths project in Brazil, bolstering Western efforts to diversify critical mineral supply chains.

Viridis Mining and Minerals announced it has received a letter of interest from Export Development Canada (EDC) for up to $100 million in debt financing to advance its flagship Colossus rare earths project in Brazil.

The non-binding commitment from Canada’s export credit agency marks a major step forward for Viridis, following a similar letter of support from France’s Bpifrance Assurance Export, both aimed at backing the project’s execution phase.

“Endorsement from one of the world’s most respected export credit agencies has the potential to strengthen the project’s role in diversifying and securing Western rare earth supply chains,”
said Rafael Moreno, Managing Director of Viridis Mining and Minerals.

Strategic momentum for Western supply chains

Located in Minas Gerais, Brazil, the Colossus project hosts Ionic Adsorption Clay (IAC) deposits, a rare geological formation where rare earth elements (REEs) are loosely bonded to clay minerals, allowing for simpler and more sustainable extraction processes compared to hard-rock mining.

The Canadian government’s interest aligns with broader initiatives by Western nations, including the United States and Australia, to develop alternative REE supply chains and reduce dependence on China, which currently dominates global production and processing.

Path toward full funding

Viridis said it will move forward with final structuring discussions with its financing partners in the coming months as the project nears full funding readiness. The company emphasized that EDC’s potential financing remains subject to standard due diligence, internal approvals, and customary project finance conditions.

If finalized, the funding would provide a significant boost to the Colossus project, which aims to become a key Western supplier of high-value magnet rare earths used in electric vehicles, wind turbines, and defense technologies.