Viridis Locks In Solvay Offtake for 70% of Colossus Rare Earth Output Through 2034

Viridis Mining and Minerals announced a binding long-term supply agreement with Solvay on November 4, 2026, covering minimum volumes of mixed rare earth carbonate from the Colossus project in Poços de Caldas, Minas Gerais, from 2028 through 2034. The contracted volumes equal about 70% of projected output and support an estimated minimum revenue of $915 million between 2029 and 2034. Folha reported the agreement.

What the Solvay Offtake Covers

The agreement commits Solvay to purchase minimum volumes of mixed rare earth carbonate (MREC) from the start of production, expected in 2028, until the end of 2034. Viridis said the minimum contracted volumes, combined with minimum prices set for the project's main magnetic elements, support the $915 million revenue estimate, provided the agreed volumes are delivered.

The contract also gives Solvay a right of first offer over Viridis's remaining MREC output through 2034, though the chemicals company is not obliged to buy volumes beyond its minimum commitments. Beyond the sale of production, the two companies are negotiating a licensing and technical services agreement under which Solvay would supply technology and support so Viridis can produce a more refined, higher-value MREC in Brazil. Viridis said the agreement reduces a major commercial risk for the project and should help it complete debt financing.

Viridis's Path to the Colossus Agreement

Viridis requested a trading halt in August 2026 pending definitive feasibility study results, AInvest reported. Later that month, Shanghai Metals Market reported that Viridis had raised up to $120 million and completed a definitive feasibility study for its ion-adsorption rare earth ore project in Brazil, moving the asset toward a final investment decision. In October 2026, Folha reported that Viridis was ordering equipment for the project, a US$450 million development backed by a Solvay refining agreement, despite protests from local residents.

Locksley and Toyota Tsusho Rare Earth Moves

Locksley Resources partnered with Columbia University on October 30, 2026, to develop an integrated technology platform for recovering rare earth elements and transition metals from ores in the Clark Mountain District, with research led by Professor Greeshma Gadikota. Toyota Tsusho reported on October 26, 2026, that its Lofdal heavy rare earth project in Namibia had met a CAD 23 million expenditure requirement for a 50% stake.

Solvay's Pending Dividend Decision

Solvay has not yet decided whether to maintain its dividend despite a cash-flow shortfall, with a decision expected by March 4, Lecho reported. The group will pay an interim dividend equal to the 2025 amount in the meantime.