Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
The delivery — shipped to CIT SENAI ITR’s Lab Fab facility — goes some way to establishing the team-up’s Colossus Project as a “leading rare earth project worldwide.”
Of note is the recently delivered oxides: They originated from end-of-life magnets in Brazil (mainly from MRI machines and wind turbines) and were chock-full of neodymium, praseodymium, dysprosium, and terbium.
It’s a win for Viridion (the formal name of the Viridis-Ionic team-up), not least because it sets it up as the only local source of oxides in Brazil and Latin America.
Even more notably, HotCopper understands this is the first of its kind outside China.
“Leveraging IXR’s industry-leading technology is now a reality,” Viridis’ CEO, Rafael Moreno, today declared. “[This delivery] is another important example of Viridion’s capability to help develop a Brazilian and Latin American rare earth magnet industry and ensure security of supply for downstream users.”
Next up — CIT SENAI ITR will get to work at the Lab Fab facility, testing if the REE oxides can be successfully transformed into alloys. If yes, magnet production begins.
To that end, Mr Moreno said, “We look forward to progressing on the pathway to creating a circular mine to magnet supply chain, as we… capitalise on the burgeoning supply chain in Brazil and, more broadly, Latin America.”
Further tests eyeing performance standards for high-end applications will be run too.
The work is far from over for Viridis and Viridion, however, with company brass now preparing bidding packages before they potentially meet the Brazilian Development Bank and the Financier of Studies and Projects in the future.
The BNDES and FINEP have allocated R$8 billion (around $2.1B AUD) to support mining companies invested in “the transformation of strategic minerals.”
“The timing of this delivery… and the outstanding economics shown by our scoping study, even at today’s low rare earth prices, puts us in a strong position to take advantage of the substantial funding now being made available through BNDES and FINEP to support Brazil’s strategic mineral initiatives,” Mr Moreno explained.
HotCopper doesn’t have to point out how vital even a chunk of that would be for Viridion.
Less involved IXR, on the other hand, has stayed stationary at 0.7c a share.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please clickhere.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)