- 01BNDES approves R$77.5m facility (~US$15m).
- 0216-year tenor; 4-year grace; TR+2.7% (~4.8%).
- 03Reduces senior debt to ~$280m; funds CPTR in Poços de Caldas.
Viridis Mining and Minerals (ASX: VMM) has secured approval from the Brazilian Development Bank (BNDES) for a R$77.5 million financing facility—equivalent to approximately US$15m—supporting its rare earth processing and technology work in Brazil.
The facility has a 16-year tenor, including a four-year grace period and 12-year amortisation period, at the Brazil Reference Rate (TR) plus 2.70% a year.
Based on the annualised TR of about 2.1% in August 2026, Viridis puts the indicative current financing cost at approximately 4.8% a year.
Funding will support eligible expenditure at the Rare Earths Research and Processing Centre (CPTR) in Poços de Caldas, including costs already incurred, ongoing demonstration plant operations and research, development and innovation (RD&I) activities.
Reshaped Capital Requirements
Viridis has identified US$154m of equity funding against its targeted US$135m equity requirement for the Colossus rare earth project, which has development capital of US$449m.
Adding the BNDES facility reduces the remaining senior debt requirement to approximately US$280m, as Viridis continues its financing process with domestic and international lenders.
A significant portion of the expenditure eligible for BNDES support has already been incurred, allowing the facility to reimburse part of those costs and bolster available funding as Colossus moves towards execution.
The financing is being provided under the BNDES Mais Inovação – Investment in Innovation subprogram, with the parties now progressing customary documentation and execution of the facility.
Viridis is also working with BNDES to identify and evaluate larger-scale financing opportunities for Colossus aligned with Brazil’s industrialisation and strategic minerals objectives.
Strategic Joint Support Plan
The approval follows Viridis’ selection in July 2025 by BNDES and the Federal Agency for Studies and Projects to progress a Joint Support Plan through Brazil’s strategic minerals public call process.
That initiative was established to support strategic mineral value chains required for the energy transition and decarbonisation, with rare earths identified as a priority sector and support extending from research and pilot facilities to commercial-scale development.
“We are pleased to continue building our relationship with BNDES as we invest in the technology, processing capability and industrial infrastructure required to help establish Brazil as a globally significant rare earth producer,” managing director Rafael Moreno said.
“The CPTR has become an important part of the technical development of Colossus, taking our flowsheet from laboratory test work into continuous demonstration-scale operation and MREC production in Brazil.”
The centre allows Viridis to replicate key operating conditions proposed for industrial-scale processing while undertaking metallurgical optimisation, process validation, equipment testing and technology development under continuous operating conditions.
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