Viridis Mining and Minerals (ASX: VMM) submitted the Installation Licence application for its Colossus Rare Earth Project in Minas Gerais, Brazil in May 2026 — a pivotal permitting milestone that repositions Viridis Mining as a near-construction developer targeting first production in 2028. The project hosts 493 million tonnes at 2,508 ppm total rare earth oxide (TREO), making Colossus the world’s largest undeveloped ionic adsorption clay (IAC) rare earth deposit outside China.
Viridis Mining — Company Overview
Viridis Mining and Minerals was incorporated in 2006 and listed on the Australian Securities Exchange under the ticker VMM. The company was formerly known as Aus Asia Minerals Limited before rebranding in July 2021. Headquartered in Perth, Western Australia, Viridis Mining holds a portfolio of seven projects across Australia, Canada, and Brazil, with the Colossus Rare Earth Project in Minas Gerais representing the dominant value driver.
Managing Director Rafael Moreno leads the company’s technical and commercial programme. The board was strengthened in 2026 with the appointment of Geoff Bedford — former chief executive of Neo Performance Materials and Molycorp — to lead commercial negotiations, and Marcus Silberman, a global capital markets specialist, to steer financing and strategic partnership discussions. As of late April 2026, Viridis Mining carried a market capitalisation of approximately A$353 million, reflecting a share price increase of around 780% over the preceding 12 months.
Colossus Project — Scale and Resource
The Colossus project covers 228.62 square kilometres within the Poços de Caldas alkaline complex in Minas Gerais, Brazil. The September 2025 Mineral Resource Estimate stands at 493 million tonnes at 2,508 ppm TREO, with a maiden ore reserve of 200.6 million tonnes — sufficient to support a potential mine life exceeding 40 years. The resource’s Northern Concessions Prospect, added following a 46% land expansion, hosts an additional 215 Mt at an average magnet rare earth oxide (MREO) grade of 698 ppm.
The magnet rare earth oxide grade across the broader resource averages 601 ppm MREO, with target elements being neodymium, praseodymium, dysprosium, and terbium — the four magnet rare earths most critical to EV motors and wind turbine generators. Infill drilling completed in 2026 returned intercepts of up to 10,426 ppm TREO from the Southern Complex and 7,434 ppm TREO from Northern Concessions, supporting reserve conversion ahead of the Definitive Feasibility Study (DFS). Metallurgical testwork has demonstrated recovery rates of up to 67% for NdPr using ionic clay heap leach methodology — a low-energy, low-impurity processing route that does not require the high-temperature smelting used in hard rock REE processing.
The DFS is being managed by engineering firm Hatch. The pre-feasibility study (PFS) estimated capital costs at US$286 million, or US$356 million including a 25% contingency. Viridis Mining has described Colossus as comparable in scale and processing economics to the Chinese ionic clay operations in Jiangxi province that currently supply the majority of global heavy rare earth oxide output. Independent comparisons should be treated as targets until DFS-level confirmation is available. For reference, current dysprosium prices and neodymium prices are tracked on this site.
Viridis Mining — Permitting and Development Timeline
Viridis Mining completed the first stage of Brazil’s three-stage environmental permitting process in December 2025, when the State Environmental Policy Council (COPAM) of Minas Gerais granted the Preliminary Licence (PL) on 19 December 2025, following unanimous approval of the Environmental Impact Assessment (EIA/RIMA). The PL confirms the project’s environmental feasibility and authorises progression to the installation and operating licence stages.
The Installation Licence (IL) application was submitted to Brazilian authorities in May 2026. The IL, if approved, enables construction and site development to commence. Viridis Mining is targeting approval of the IL in Q3 2026, with a Final Investment Decision (FID) targeted for the second half of 2026. Construction is projected to commence in the second half of 2026 following FID, with first production targeted for 2028. These timelines are targets, not confirmed dates, and remain subject to regulatory approvals, financing close, and EPCM contractor mobilisation. Procurement of long-lead items and EPCM contractor selection were ongoing as of May 2026.
The demonstration-scale mixed rare earth carbonate (MREC) plant received its operating licence in April 2026 and was targeting first MREC production from Colossus clay in May 2026 — providing early metallurgical validation ahead of the DFS and financing process.
Viridion — Downstream Processing and Recycling JV
Viridion is a 50/50 joint venture between Viridis Mining and Ionic Rare Earths Limited (ASX: IXR) to develop rare earth separation, refining, and recycling capacity in Brazil. The JV holds exclusive rights in Brazil to commercialise Ionic Technologies’ magnet recycling intellectual property and is advancing the Critical Rare Earth Technology and Recycling (CRITR) facility in Minas Gerais.
Viridion was selected in 2025 for a R$5 billion (~US$900 million) funding programme administered by Brazil’s national development bank BNDES and innovation agency FINEP, covering grants, debt, and equity for rare earth refining and recycling facilities across Brazil. The CRITR facility is expected to begin operations in the second half of 2026, subject to regulatory approvals and funding finalisation. In May 2025, Viridion delivered the first shipment of recycled rare earth oxides — including neodymium, praseodymium, dysprosium, and terbium — to Brazilian magnet manufacturing partners, sourced from end-of-life magnets recovered in Brazil and processed at Ionic Technologies’ facility in Belfast, UK.
The strategic significance of Viridion is that it extends Viridis Mining’s value proposition beyond ore extraction into the downstream separation and recycling segment — the stage currently dominated by Chinese processing capacity. Viridion has also signalled plans to expand into the United States with a dedicated REE refinery.
Financing and Strategic Backing
Viridis Mining has assembled a multi-agency export credit financing framework for Colossus. Letters of Support (LoS) have been issued by Canada’s Export Development Canada (EDC), France’s Bpifrance, and Australia’s Export Finance Australia (EFA) — with EFA providing a non-binding LoS for up to US$50 million. The combined LoS are described by the company as fully covering the targeted project debt package, providing the basis to appoint a mandated lead arranger to manage the project finance process.
Colossus was selected for Brazil’s Climate and Ecological Transformation Investment Platform, signalling alignment with Brazil’s national industrial and critical minerals strategy. Offtake negotiations were active as of May 2026, with the company advancing discussions with strategic equity and offtake counterparties. The project’s financing structure — combining government-backed export credit support with strategic equity — is intended to reduce execution risk ahead of FID.
Risks and Community Opposition
Colossus faces material environmental and social opposition in Poços de Caldas. Planned mining and processing operations would be located approximately 300 metres from residential areas, schools, and hospitals on the outskirts of the city. Local community groups have called for independent environmental reviews, raising concerns about potential impacts on water sources and airborne dust from mining operations.
The Poços de Caldas City Council granted unanimous approval for Viridion’s land use for the CRITR facility — a signal of municipal support for the JV’s downstream processing plans. However, community opposition to the mine itself remains active and represents a regulatory and reputational risk for the project. Viridis Mining’s environmental strategy incorporates water recirculation systems, inert waste backfilling, and selective ore extraction to reduce land disturbance. Independent assessment of these measures has been called for by community groups and has not, as of May 2026, been confirmed as completed.
Investors and counterparties should note that community opposition at projects located close to populated areas has delayed or materially affected permitting outcomes at comparable projects in Brazil and other Latin American jurisdictions. The IL application’s progress through the COPAM system will be the key test of whether the Preliminary Licence approval holds in the face of ongoing local opposition. Further coverage of Brazil’s rare earth development landscape is available on the Brazil rare earth project page.
Viridis Mining — Company Snapshot
| Detail | Data |
|---|---|
| Company | Viridis Mining and Minerals Limited |
| Ticker | ASX: VMM |
| Headquarters | Perth, Western Australia, Australia |
| Incorporated | 2006 (formerly Aus Asia Minerals Limited) |
| Flagship project | Colossus Rare Earth Project, Minas Gerais, Brazil |
| Deposit type | Ionic Adsorption Clay (IAC) |
| Mineral resource | 493 Mt at 2,508 ppm TREO (Sep 2025 MRE) |
| Ore reserve | 200.6 Mt (maiden reserve) |
| MREO grade | 601 ppm (magnet rare earth oxides) |
| Target elements | Nd, Pr, Dy, Tb |
| Target first production | 2028 (subject to FID and construction) |
| PFS capex estimate | US$286M (US$356M with 25% contingency) |
| Downstream JV | Viridion (50/50 with Ionic Rare Earths, ASX: IXR) |
| Permitting stage | Installation Licence application submitted May 2026 |
| FID target | H2 2026 |
| ECA support | EDC (Canada), Bpifrance (France), EFA (Australia) |
| Market cap (Apr 2026) | ~A$353 million |
This article is for informational purposes only and does not constitute investment advice. Prices and project status are subject to change without notice.
What is Viridis Mining’s Colossus project?
The Colossus Rare Earth Project is Viridis Mining’s (ASX: VMM) flagship asset, located in the Poços de Caldas alkaline complex in Minas Gerais, Brazil. It hosts a Mineral Resource of 493 million tonnes at 2,508 ppm TREO and is classified as the world’s largest undeveloped ionic adsorption clay rare earth deposit outside China. The project targets magnet rare earths — neodymium, praseodymium, dysprosium, and terbium — with first production targeted for 2028.
Where is the Colossus rare earth deposit located?
Colossus is located in the state of Minas Gerais, Brazil, within the Poços de Caldas alkaline complex. The project covers 228.62 square kilometres. The city of Poços de Caldas is a long-established mining and industrial centre in south-eastern Brazil. Planned operations are approximately 300 metres from residential areas within the city, which has generated community opposition requiring environmental risk management.
What rare earth elements does Viridis Mining target?
Viridis Mining’s Colossus project targets the four magnet rare earth oxides: neodymium (Nd), praseodymium (Pr), dysprosium (Dy), and terbium (Tb). These are the critical inputs for NdFeB permanent magnets used in EV motors and wind turbine generators. The resource grades at 601 ppm MREO (magnet rare earth oxide) across the broader deposit, with Northern Concessions averaging 698 ppm MREO.
What is the Viridion joint venture?
Viridion is a 50/50 joint venture between Viridis Mining and Ionic Rare Earths (ASX: IXR) to build rare earth separation, refining, and recycling capacity in Brazil. The JV holds exclusive rights to commercialise Ionic Technologies’ magnet recycling intellectual property in Brazil and is developing the CRITR facility in Minas Gerais, expected to begin operations in H2 2026. Viridion has been selected for a R$5 billion (~US$900 million) BNDES/FINEP funding programme and has also signalled plans to expand into the United States.
When does Viridis Mining plan to start production?
Viridis Mining is targeting first production from Colossus in 2028. The pathway requires Installation Licence approval (application submitted May 2026), a Final Investment Decision targeted for the second half of 2026, and construction commencing shortly after FID. These are targets, not confirmed dates, and are contingent on regulatory approvals, financing close, and EPCM contractor mobilisation.
