Australia backs Viridis Colossus rare earth project in Brazil. The Australian government plans to support Viridis’ Colossus rare earth project via a $50 million debt facility. Export Finance Australia (EFA) issued a non-binding conditional letter of support on January 6. Approval is subject to due diligence, regulatory clearance, and the sourcing of certain Australian goods and services. The Colossus project will mine neodymium, praseodymium, dysprosium, and terbium using ionic clay deposits. Viridis upwardly revised its estimated ore reserve from 98.5 million tonnes to 200 million tonnes in August 2025, targeting a final investment decision (FID) between July and December 2026.

The project’s financial foundation has been strengthened by global backing. Export Development Canada and French funding institution Bpifrance expressed interest in Nov...