Ionic Rare Earths (ASX: IXR) is advancing its South American expansion, with its Brazilian joint venture, Viridion, now progressing to the next phase of a major strategic funding program worth over A$1.3 billion.
Viridion — a 50/50 partnership with Viridis Mining and Minerals — has now been selected by Brazil’s National Development Bank (BNDES) and innovation agency FINEP to begin negotiations on a Joint Support Plan, aimed at backing critical minerals projects across the country.
The funding, expected to include grants, debt, and equity, will support the development of rare earth refining and magnet recycling facilities in Brazil. That includes pilot plants, metallurgical testing, feasibility studies and broader R&D — all aligned with Brazil’s push to localise more of the critical minerals supply chain.
Ionic's Managing Director Tim Harrison, said: "This successful evaluation of our Viridion proposal against other competing opportunities highlights that Viridion has both a unique and strategically important offering, for the development of strategic mineral value addition capacity in Brazil".
This development comes amid rising urgency for non-Chinese rare earth supply. With China tightening export controls, both the US and Europe are racing to secure alternative sources — and Brazil is now emerging as a key player.
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