Brazil's Climate Investment Platform Selects Viridis Rare Earths Project
Viridis Mining and Minerals has received a significant endorsement in Brazil, with its Colossus rare earths project being selected for the Brazil Climate and Ecological Transformation Investment Platform (BIP). This government-backed initiative is designed to connect priority climate-transition projects with substantial international capital sources, accelerating investments in areas crucial for sustainable development.
Government and Financial Support for Green Initiatives
The BIP platform is operated in coordination with Brazil's Ministry of Finance and receives support from the Brazilian Development Bank (BNDES), one of the world's largest development banks. BNDES, established in 1952, has been instrumental in fostering industrial and infrastructure growth in Brazil. By bringing together government entities, multilateral development banks, and global climate funds, the platform focuses on accelerating investments in energy transition, industrial decarbonisation, and critical minerals supply chains.
Viridis highlights that inclusion on this platform positions the Colossus project prominently within Brazil's national pipeline of climate-transition investments. This enhances its visibility among development finance institutions, sovereign investors, and other global capital providers. An initial funding pool of US$25.4 billion (approximately A$35.81 billion) has been allocated for projects meeting the platform's criteria, demonstrating the initiative's substantial financial capacity.
Strategic Financing and Equity Investments
Notably, this selection provides Viridis with an additional financing avenue as it approaches a final investment decision in the second half of 2026. The company has previously indicated support from various export credit agencies and financiers, including Bpifrance Assurance Export, Export Development Canada, and Export Finance Australia. It is also engaged with BNDES and the Funding Authority for Studies and Projects (FINEP) for potential project lending.
Rafael Moreno, managing director of Viridis Mining and Minerals, commented, "The initiative brings together the Brazilian Government and global climate capital with the objective of accelerating investment into priority projects supporting Brazil's ecological and industrial transformation."
On the equity front, Viridis has secured a US$30 million strategic investment from ORE Investments and Regia Capital, Brazilian-based investment groups specialising in mining and sustainable, ESG-aligned investments. These partners were chosen by Vale and BNDES as a consortium to deploy the Brazilian Strategic Minerals Fund. The company is currently evaluating options for the remaining equity component, estimated at US$72 million (about A$101 million), to optimise its overall project financing structure.
Project Details and Future Prospects
Viridis' Colossus project is a clay-hosted rare earths operation located in Brazil's Poços de Caldas region. In January 2025, the company upgraded its mineral resource to 493 million tonnes at 2508 parts per million (ppm) total rare earth oxides (TREO), containing an average of 601ppm magnet rare earth oxides (MREO). An August 2025 maiden ore reserve reported 200.6 million tonnes at 2640 ppm TREO and 740 ppm magnet rare-earth oxides, indicating a high-grade mine plan with a potential lifespan of up to 40 years, even before incorporating some of the richest zones.
With Colossus now featured in a government-supported platform for climate capital, Viridis is strategically positioning itself for future milestones. If funding is secured, the company could capitalise on growing demand for rare earths, essential for producing permanent magnets used in electric vehicles and wind turbines, thereby supporting global green energy initiatives.
