HOUSTON, August 21 (Argus) - Viridis Mining and Minerals, an Australian-based rare earth developer, has raised its estimate of the rare earth ore reserves at its Colossus project in Brazil to 200 million tons, more than doubling the previous assessment.
Viridis said on August 20 that the increased reserves are entirely from measured and indicated mineral resources and can extend the potential mine life of the Colossus project to 40 years. The company previously estimated the reserves at 98.5 million tons.
The Colossus project is an ion-adsorption clay deposit in Minas Gerais state, with an average rare earth oxide content of 2,640 ppm (parts per million), of which magnetic rare earth oxides account for 740 ppm.
The mine plans to prioritize magnetic rare earth oxides - neodymium, praseodymium, dysprosium and terbium - to maximize the value of the project.
Viridis's assumed prices are: oxide praseodymium-neodymium at $90 per kilogram, oxide dysprosium at $269 per kilogram, and oxide terbium at $888 per kilogram.
The project's rare earth ore production capacity is 5 million tons per year, and the projected output is 1-1.2 thousand tons per year of mixed carbonate rare earths. Viridis is discussing potential acquisitions and focusing on the final investment decision.
