Sydney, May 26th (Argus) - Viridis Mining and Minerals, headquartered in Australia, announced today that the company has produced the first batch of high-grade mixed rare earth carbonate (MREC) at its demonstration plant in Pocos de Caldas, Minas Gerais, Brazil.
The plant was put into operation in early May. It processes 100 kilograms per hour of clay raw materials and produces MREC, including light rare earth samarium, neodymium, praseodymium, and heavy rare earth dysprosium and terbium, for the manufacture of rare earth permanent magnets.
Viridis Company stated on May 26th that the company has sent test samples to the Australian Nuclear Science and Technology Organisation to obtain qualification certification, but is still in discussions with potential MREC product purchasing partners.
The raw materials for the plant come from the northern concession mine of the Colossus ion clay project near Viridis, which contains 200 million tons of reserves and a total rare earth oxide content of 2640 ppm.
The company plans to build a commercial-scale plant at the Colossus project and intends to start production in 2028, but has not yet determined the construction schedule.
The Colossus project has received a 50 million Australian dollar (equivalent to 36.8 million US dollars) government loan from the Australian Export Finance Corporation.
According to the company's documents submitted to the Australian Securities Exchange (ASX), the project received government funding commitments from the Brazilian National Economic and Social Development Bank and the Brazilian Federal Research and Project Funding Agency in 2025, with the specific amount unknown.
The ASX documents show that Colossus also received a 100 million US dollar意向 letter from the Canadian Export Development Corporation in November 2025, as well as a support letter from the French Export Credit Institution Bpifrance Assurance Export.
In addition to the Colossus project, Viridis will build a rare earth oxide refining and magnet recovery facility at the same location in Pocos de Caldas, solely owned by the company, through a joint venture with Australian rare earth miners, refiners, and recyclers Ionic rare earths.
