São Paulo, September 10th (Argus) - The Brazilian Development Bank Bndes has approved a loan of 77.5 million reais (15.2 million US dollars) to the Australian-listed developer Viridis Mining and Minerals for the establishment of a mining research center in Minas Gerais.
The company will establish a rare earth research and processing center to pilot-scale produce mixed rare earth carbonates and develop processing routes for the ion clay deposit discovered in Pocos de Caldas in Minas Gerais.
The mining research center is the first step of Viridis's Colossus project, which is an ion-adsorbed clay deposit with a pilot plant.
The company expects its pilot plant to simulate the conditions of the Colossus industrial plant and is expected to start construction in 2027 and commence operations in 2028.
Viridis recently raised 120 million US dollars for the equity of Colossus.
