Viridis Mining and Minerals has signed a binding long-term offtake agreement with Rhodia Operations, a company within the Solvay group, for the supply of mixed rare earth carbonate (MREC) from the Colossus Rare Earth Project in Brazil.
The contract is set to begin with first production, which is targeted for 2028, and will run until 31 December 2034.
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Under the terms of the agreement, Solvay will purchase a minimum of approximately 70% of Colossus’ forecast MREC production during the initial period.
The deal includes commitments for seven rare earth elements including neodymium, praseodymium, terbium, samarium, dysprosium, yttrium, and gadolinium.
The minimum volumes for the principal magnetic rare earths, including neodymium, dysprosium, praseodymium, and terbium, represent about 64% of expected production for these elements over the six-year take-or-pay period starting in 2029.
Viridis expects these minimum volumes to underpin revenue of around $915m, based on contractual price floors, subject to meeting the delivery commitments.
Solvay has the right of first offer for any remaining MREC output up to the end of 2034, though it is not required to buy beyond its minimum commitment.
The agreement includes the option for a further five-year extension under mutual agreement.
Viridis managing director Rafael Moreno said: “We have worked closely with Solvay for some time and converting that relationship into a binding long-term offtake agreement is an important milestone for Viridis.
“With very few established Western rare earth separation groups capable of providing a credible route to market, securing Solvay as our partner addresses a key commercial risk for Colossus while providing greater confidence in the Project’s long-term economics.”
In addition to the offtake deal, Viridis and Solvay are discussing a licensing and technical services agreement (LTSA) that would see Solvay supply technology and technical support to further refine MREC in Brazil.
Since June 2026, Viridis’ demonstration plant in Poços de Caldas has supplied MREC to Solvay’s La Rochelle separation facility in France to support product qualification and specification development.
The partnership is expected to support the localisation of rare earth value chain activities and contribute to diversification of magnetic rare earth supplies.
The Colossus project has completed its definitive feasibility study, with equity funding secured and project execution underway.
In September 2026, Virdis awarded the first major equipment contract for its Colossus project.
