Viridis Mining's strategic joint venture

Viridis Mining and Minerals (ASX:VMM) has made a significant announcement about its downstream initiatives in rare earth refining, magnet manufacturing, and recycling. The company has formed a joint venture with Ionic Rare Earths Limited, named Viridion, to establish a rare earth oxide production and recycling facility in Brazil. This marks a pivotal move towards creating a fully integrated supply chain for rare earths in South America.

Strategic goals and future outlook

Viridis Mining and Minerals has taken a significant step forward with its joint venture with Ionic Rare Earths, aimed at establishing a rare earth oxide production facility in Brazil. This initiative, through the newly formed Viridion, seeks to utilize advanced technology for refining and recycling, with plans to start scoping studies in 2025. The project is backed by strong local support and aligns with Viridis' ambition to become a leading producer in the rare earth sector, reducing reliance on Chinese supply chains. The partnership could pave the way for a new era of rare earth production and sustainability in South America, with future prospects for global expansion.

Executive insights on the joint venture

Viridis Mining and Ionic Rare Earths have formed Viridion Pty Ltd in Australia and Viridion Rare Earth Technologies Ltda in Brazil. The joint venture aims to develop facilities for REO refining and recycling spent magnets using advanced technology from Ionic. Viridion plans to start scoping studies for its REO refinery and magnet recycling facilities in January 2025. The initiative is set to create South America's first producer of refined REOs, focusing on both mixed rare earth carbonate and recycled sources. Exclusive rights to commercialize Ionic's Selective Separation Technology (SST) and Rare Earth Recycling Technology (RRT) in Brazil. The goal is to establish a full-scale plant capable of producing a complete range of rare earth oxides, enhancing Brazil's position in the global rare earth market. An MoU was signed with SENAI / FIEMG Innovation and Technology Centre in Minas Gerais, Brazil. The collaboration will focus on developing and producing rare earth magnets at the Lab Fab facility, utilizing Viridion's rare earth oxide production capabilities.