Viridis Mining and Minerals signs rare earths supply deal with Solvay

Viridis Mining and Minerals has announced a binding long-term supply agreement with Solvay for rare earths from its Colossus project in Poços de Caldas, Minas Gerais, Brazil. The contract secures a market for approximately 70% of the project's planned production of mixed rare earth carbonate (MREC).

The agreement spans from the start of operations, expected in 2028, until the end of 2034. Viridis estimates a minimum revenue of US$ 915 million between 2029 and 2034, based on minimum contracted volumes and established prices for key magnetic elements. Solvay also holds a right of first offer on any remaining MREC production through 2034.

Beyond the supply agreement, the companies are negotiating a licensing and technical services contract. Under this arrangement, Solvay will provide technology and support to enable Viridis to produce more refined, higher-value MREC in Brazil. Viridis stated that the partnership reduces commercial risks and is expected to facilitate securing debt financing for the project's construction.