Viridis secures Canadian financing interest for rare earths project
Australia's Viridis Mining and Minerals said on Tuesday it received a letter of interest from Export Development Canada for up to $100-million in debt financing for its Colossus rare earths project in Brazil.
The financing from Canada's export credit agency follows a letter of support from France's Bpifrance Assurance Export and will aid the execution phase of the project, the company said in a statement.
"Endorsement from one of the world's most respected export credit agencies has the potential to strengthen the project's role in diversifying and securing Western rare earth supply chains," Viridis' managing director, Rafael Moreno, said.
The Colossus project is located in the Brazilian state of Minas Gerais and contains Ionic Adsorption Clay geological deposits, where rare earth elements are weakly bonded to clay minerals, making extraction relatively simpler.
The Canadian government's interest comes as Western nations, including the United States and Australia, extend support to rare earths developers to build up an alternative supply chain aimed at countering China's hold over the industry.
The company expects to progress final structuring discussions with its financing partners over the coming months as the project advances towards full funding readiness.
Provision of financing remains subject to the EDC's standard due diligence, internal approvals and customary project finance conditions, Viridis added.
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