Viridis Mining and Minerals obtained financing from BNDES worth R$ 77.5 million (US$ 15 million) for its rare earth project called Colossus. The financing has a 16-year term and will be destined for a research center and a recently inaugurated demonstration plant, according to Rafael Moreno, company president.
The Colossus project is located in Poços de Caldas, in Minas Gerais. It was among the 56 pre-selected projects last year to receive up to R$ 5 billion from BNDES and the government agency Finep, with the goal of developing critical mineral supply chains in Brazil.
Brazil seeks to better explore the world's largest rare earth reserves outside of China. The country joins the United States in investing public resources in critical mineral projects, at a time when governments seek to reduce Chinese dominance over supply chains of essential materials for defense and advanced technologies.
