Canada’s export credit agency has expressed interest in financing Australia’s Viridis Mining and Minerals Ltd. US$100 million for its Colossus rare earths project in Brazil.
Viridis has received a letter of interest from Export Development Canada for a debt financing for the Colossus project.
The letter of interest is supported by potential Canadian equipment and service supply opportunities during the project’s executive phase. The provision of financing remains subject to EDC’s due diligence, internal approvals and project finance conditions. The letter of interest is valid until November 17, 2026.
The letter of interest comes after another letter of support from France’s Bpifrance Assurance Export, which confirms that Colossus is eligible for strategic projects financing for either the minimum of the share of French offtake applied to the total senior long-term debt or 50 per cent of the senior long-term debt amount.
“Endorsement from one of the world’s most respected export credit agencies has the potential to strengthen the project’s role in diversifying and securing Western rare earth supply chains,” Viridis’ managing director, Rafael Moreno, said.
“Eligibility for financing through EDC’s framework adds a third international finance pillar to our funding strategy, significantly enhancing lender confidence and expanding our access to competitive finance solutions.”
The Colossus project is located in the state of Minas Gerais in Brazil and comprises an area totalling 228.62 square kilometres. It includes licences within and around the prolific Poços De Caldas Alkaline Complex, which is home to some of the highest-grade ionic adsorption clay intercepts recorded globally.
The project has attracted strong attention from export credit agencies, institutional investors and industry groups across North America, Europe, Brazil and Australia. The interest is driven by Colossus’ high-grade magnet rare earth oxide profile, large-scale resource potential and low-cost flowsheet.
The Brazilian Development Bank and Brazilian Innovation Agency have also selected Colossus for a joint support plan as part of the joint BRL$5 billion initiative.
