The project is being developed by the company and its Viridion JV.
On January 7, 2025, BNDES and FINEP announced a 5 billion reais ($903 million) allocation to support strategic minerals projects under Brazil’s energy transition initiative. The Colossus Project was awarded funding as part of this program, reinforcing its role in advancing Brazil’s sustainable mineral production.
Rafael Moreno, CEO of Viridis Mining, stated: “We are delighted to have been selected by BNDES and FINEP for funding support under Brazil’s strategic minerals initiative. This recognition affirms not only the technical and commercial strength of the Colossus Project and our downstream capabilities but also highlights Viridis’ growing role in the global rare earths supply chain. This funding represents a significant milestone for both Viridis and our joint venture, Viridion, enabling us to accelerate our development timeline and move decisively toward establishing the first fully integrated rare earths supply chain outside of China.”
In February 2025, a second funding call of 3 billion reais ($542 million) was announced to establish research, development, and innovation centers in Brazil. The Colossus Project aligns with this effort, supporting Brazil’s New Industry Brazil policy to enhance scientific and technological capabilities. The funding will accelerate project timelines, enabling Viridis to supply high-purity rare earth oxides to IXR, Latin America’s only magnet manufacturer, strengthening their strategic partnership.
Viridis is advancing the Colossus Project through a pre-feasibility study with Hatch, set for completion by the end of Q2 2025. The company is also pursuing an environmental installation license and engaging in discussions for project financing and offtake agreements, critical steps following the study’s completion.
The Colossus Project positions Brazil as a key player in the global rare earths market, supporting sustainable mineral production and contributing to the region’s energy transition goals.
