Brazil’s Viridis Mining and Minerals signed a binding long-term offtake agreement with Belgian chemicals group Solvay on 5 November 2026, covering material from the planned Colossus rare-earth project for processing in France. The contract covers roughly 70% of forecast mixed rare-earth carbonate production over its initial term, which runs from planned first production in 2028 through the end of 2034.
Minimum quantities for four magnet rare earths, combined with agreed price floors, underpin approximately €812 million in potential minimum revenue for 2029–2034. The figure is a conditional contractual calculation, not a cash payment, construction-finance commitment or guaranteed realised sale; it depends on Viridis delivering the required volumes.
The take-or-pay period lasts six years and begins at the earlier of the commercial operations date or January 2029. Solvay also has a right of first offer over additional planned production, but no obligation to purchase those volumes.
The four elements behind the minimum-revenue estimate are neodymium, praseodymium, dysprosium and terbium. They are used in permanent magnets for electric motors, wind turbines and industrial equipment. The contract also covers samarium, yttrium and gadolinium, but those elements are excluded from the disclosed revenue estimate because equivalent price floors have not been specified.
Solvay operates a rare-earth separation and purification installation at La Rochelle, outside China. The facility is intended to turn imported mixed carbonate into individual high-purity products. The agreement gives it a prospective long-term feedstock source and is intended to diversify Europe’s supply of permanent-magnet materials, linking mineral extraction with European processing for advanced-material manufacturers.
For Viridis, the contracted industrial customer could strengthen revenue visibility for lenders assessing the proposed mine and processing facilities. The Australian-listed company has been advancing engineering, equipment procurement and debt-financing discussions, but has not announced a completed senior-debt package or a final investment decision tied to the offtake agreement.
Viridis is separately discussing a licensing and technical-services arrangement that could use Solvay technology to support production of higher-value carbonate at Colossus. That arrangement remains unsigned and is not part of the binding offtake contract.
Shipment timing remains dependent on Brazilian permits, construction delivery, commissioning and the quality of saleable material. A delay to the project’s production timetable could defer deliveries to France and the revenue expected under the agreement; the contract alone does not establish a fully operational mine-to-magnet supply chain.
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