Viridis Mining and Minerals Limited has secured approval from the Brazilian Development Bank (BNDES) for a R$77.5 million financing facility for its wholly owned subsidiary Viridis Mineração Ltda. The long-term, low-cost funding package will support eligible expenditure incurred in developing the Rare Earths Research and Processing Centre in Poços de Caldas, alongside ongoing demonstration plant operations and research and development activities.

The agreement provides a 16-year total tenor, structured as a four-year grace period followed by a 12-year amortisation phase. The facility carries an indicative current interest rate of the Brazil Reference Rate plus 2.70% per annum, translating to an indicative financing cost of approximately 4.8% per annum based on prevailing rates.

“The approval of this financing by BNDES is an excellent outcome for Viridis and another important endorsement of what we are building in Brazil. A 16-year facility at an indicative current cost of approximately 4.8% represents exceptionally attractive funding and demonstrates the strength of the support available in Brazil for strategic projects such as Colossus.”

— Rafael Moreno, Managing Director

The BNDES approval converts the joint support plan announced in July 2025 into committed long-term financing. This non-dilutive capital strengthens the funding position for the Colossus project, which also benefits from approximately US$154 million in identified equity funding secured through commitments of up to approximately US$120 million in strategic equity in August 2026. Together, these sources reduce the remaining senior debt requirement for the US$449 million development capital to approximately US$280 million.

Viridis is advancing its senior debt financing process with domestic and international lenders to fund the remaining development capital as the project progresses toward targeted first production in 2028. Parties are currently finalising customary documentation and execution mechanics for the BNDES facility. 

Read the full announcement: VMM Receives Approval for R$77.5M BNDES Financing Facility