Viridis gets support for up to $50M funding for Colossus rare earth project

Viridis Mining and Minerals said on Monday that the Australian miner had received a non-binding letter of support from Export Finance Australia (EFA) for a potential funding of up to $50 million for its Colossus rare earth minerals project in Brazil.

“Securing a non-binding letter of support from EFA represents the final cornerstone in our Colossus debt financing strategy,” managing director Rafael Moreno said in a statement.

The Colossus project last month received a preliminary environmental license from Brazil’s southeastern state of Minas Gerais.

(By Roberto Samora and Andre Romani; Editing by Kylie Madry)