Viridis receives LoS for Brazil’s Colossus Rare Earths project

Viridis Mining and Minerals has obtained a non-binding, conditional missive of enactment (LoS) from Export Finance Australia (EFA), finalising its export recognition bureau (ECA)-driven task indebtedness financing model for the Colossus Rare Earths task successful Brazil.

The LoS signals EFA’s imaginable involvement successful offering a nonstop lending indebtedness installation of up to A$77m, which would assistance money the project’s execution signifier and determination Viridis person to securing afloat task financing and reaching a last concern determination (FID).

EFA’s enactment is based connected the imaginable engagement of Australian work providers during the project’s improvement and execution.

This prospective backing adds to earlier enactment from Export Development Canada, Bpifrance Assurance Export and the Brazilian National Bank for Economic and Social Development.

The combined LoS supply clarity connected full indebtedness capacity, allowing Viridis to proceed with appointing a mandated pb arranger to coordinate lenders, oversee owed diligence and negociate the task concern process.

The Colossus pre-feasibility survey (PFS) estimates superior costs astatine $286m, oregon $356m including a 25% contingency.

With EFA’s LoS successful place, the targeted task indebtedness bundle is present afloat covered.

This enables Colossus to beforehand towards securing implicit task financing and achieving an FID, which is anticipated successful the 2nd fractional of 2026.

The task has besides secured its preliminary biology licence pursuing unanimous support by the State Environmental Policy Council of Minas Gerais, confirming its biology feasibility and paving the mode for the installation licence.

This accomplishment allows the institution to advancement precocious negotiations with cardinal equity investors and offtake counterparties.

Viridis has already finalised a definitive strategical concern statement worthy $30m with ORE Investments and Régia Capital.

The Colossus deposit contains the highest-grade and largest identified Western assets of the 4 main magnetic uncommon world elements, including the captious dense uncommon earths terbium and dysprosium.

Viridis managing manager Rafael Moreno said: “Securing a non-binding LoS from EFA represents the last cornerstone successful our Colossus indebtedness financing strategy.

“EFA’s LoS adds a 4th and last planetary financing pillar to our superior strategy, materially enhancing lender assurance and broadening our entree to competitive, government-backed task finance.”

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