Viridis Mining and Minerals has secured a US$100 million (A$153 million) debt financing offer from Export Development Canada (EDC) for its Colossus rare earths project in Minas Gerais, Brazil. The letter of interest from the Canadian export credit agency follows a similar letter of support from France’s Bpifrance last week.
The back-to-back endorsements from two major finance agencies highlight Colossus as a globally significant rare earths project, as Western nations seek to secure critical mineral supply chains outside China. EDC’s backing aligns with priority actions declared at a recent G7 meeting in Toronto to ensure long-term supplies of critical minerals.
EDC is the third international finance agency to support the project in recent months, after Bpifrance and two Brazilian development agencies, BNDES and FINEP. In July, Viridis and its joint venture entity Viridion signed a joint support plan with BNDES and FINEP, opening access to non-dilutive grants, debt financing, and possible equity participation.
Viridion is a joint venture between Viridis and ASX-listed Ionic Rare Earths, which contributes its patented rare earths refining and recycling technology. Additionally, Viridis has signed a binding memorandum of understanding with Brazilian asset management firms ORE Investments and Régia Capital for staged payments of up to US$30 million in private share placement funding.
The company aims to reach a final investment decision for Colossus in the third quarter of next year. The project, located in Brazil’s Poços de Caldas region, hosts one of the highest-grade ionic adsorption rare earths deposits outside China, with a 200.6 million tonne ore reserve averaging 740 ppm magnetic rare earth oxides.
EDC’s financing is subject to standard due diligence and approvals, with the letter of interest valid until November 17, 2026. Viridis managing director said the endorsement from EDC further validates the project’s global strategic significance and strengthens its role in securing Western rare earths supply chains.
