Viridis Mining secures binding offtake agreement with Solvay
Key points
- Viridis Mining and Minerals signed a binding long-term deal with Solvay to sell mixed rare earth carbonate.
- Viridis Mining and Minerals signed a binding long-term deal with Solvay to sell mixed rare earth carbonate.
- The partnership secures product demand and advances project debt financing for the Colossus Project in Brazil.
Viridis Mining and Minerals (ASX:VMM) signed a binding long-term agreement with Solvay S.A. to supply mixed rare earth carbonate from its Colossus Project in Brazil.
The contract secures market access for approximately 70% of planned production, compared to conventional uncontracted arrangements.
“With very few established Western rare earth separation groups capable of providing a credible route to market, securing Solvay as our partner addresses a key commercial risk for Colossus while providing greater confidence in the project's long-term economics,” said Viridis Mining and Minerals Managing Director Rafael Moreno.
The company stated that minimum volumes for principal magnetic elements underpin approximately US$915 million in revenue from 2029 through 2034.
Following the announcement, the Viridis Mining and Minerals share price was up at $3.80.
The binding deal also includes a licensing framework for Solvay to provide technical services and refining technology in Brazil.
First production from the Colossus project remains targeted for 2028, with binding take-or-pay commitments set to begin by 2029.
