Viridis Mining and Minerals is in advanced negotiations with prospective offtake buyers in the U.S. and Europe for its Colossus project [1].
This move represents a strategic effort to diversify the rare-earths supply chain away from Chinese dominance. By securing Western partners, the company aims to accelerate the project toward construction and a final investment decision [2].
The Colossus project is located in the Minas Gerais state of Brazil [1]. The company recently reported an initial reserve estimate for the site of more than 200 million tonnes [3].
CEO Rafael Moreno said the company is prioritizing Western markets over Asian ones. "We are focused on selling to U.S. and European buyers, not China," Moreno said [2].
The company has already filed a permitting license as part of its push to move the project toward active mining [4]. These offtake agreements are critical for securing the financing required to transition from exploration to production [2].
Rare-earth elements are essential for high-tech applications, including electric vehicle motors, and wind turbines. The Colossus project is positioned as a significant non-Chinese source of these materials given the scale of the identified reserves [3].
“"We are focused on selling to U.S. and European buyers, not China."”
The strategy by Viridis reflects a broader geopolitical trend where Western nations are attempting to reduce their reliance on China for critical minerals. By establishing direct offtake agreements with U.S. and European buyers, Viridis is aligning itself with the industrial policies of those regions, which prioritize supply chain security for the green energy transition.
