Australian rare earth miner Viridis Mining and Minerals is in advanced talks with potential buyers of these critical minerals in Europe and the US for its Colossus mine in Minas Gerais state, CEO Rafael Moreno told Reuters, adding that the company is not seeking Chinese buyers.
Viridis inaugurated its rare earths research and processing center in Poços de Caldas on Thursday, as it prepares the project to achieve stable production by the end of 2028, Moreno said.
The facility will produce the mine’s first mixed rare earth carbonate, containing minerals such as neodymium and terbium, among others, and will help facilitate supply negotiations with buyers, he said.
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The center’s opening comes amid a global rush for rare earths and critical minerals, as governments in Europe and the US try to reduce their dependence on China for these materials, which are vital for electric cars and defense systems.
While Viridis has received global interest from buyers — those who commit to purchasing specific volumes over time — the company will work exclusively with Western buyers, despite strong Chinese interest, the CEO added.
‘We took a position from the beginning to prioritize the Western market. As the diversification of supply chains occurs, we believe we will get better value for our products rather than the price suppression that China is able to exert when all production is directed there,Moreno said on Wednesday, adding that discussions with investors and financiers have focused on keeping the project out of Chinese supply chains.
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China accounts for 60% of global ore production and 90% or more of refined rare earth production. Beijing introduced export restrictions in April 2025 in response to US tariffs and has repeatedly defended the measures, saying it approves eligible requests.
Colossus is Viridis’ first project in Brazil, although the company also operates in Australia and Canada. The center is expected to process up to 100 kilograms of ore per hour.
The project is expected to cost between US$360 million and US$370 million, Moreno said, adding that the investment could reach US$400 million if financiers request that Viridis maintain additional working capital.
Financing for the project is expected to be completed in the third quarter, he added.
