Business · Companies · 4 hrs ago

Viridis agrees to sell most planned rare earth output to Solvay

Viridis agrees to sell most planned rare earth output to Solvay

Viridis and Solvay signed a long-term supply deal for rare earth material from the Colossus project in Poços de Caldas, Brazil.

The project is expected to begin production in 2028, and the deal runs through the end of 2034.

Solvay will buy minimum volumes equal to about 70% of planned output, according to Viridis.

Minimum prices for key magnetic elements mean the contracted volumes could support at least US$915 million in revenue from 2029 to 2034, if the agreed volumes are delivered.

The deal gives the project a major buyer and reduces a commercial risk that could affect its financing and construction.

The companies are also discussing technical support and licensing so Viridis can make more refined, higher-value material in Brazil.

Viridis says the agreement should help complete debt financing for the project.

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