Viridis plans to supply rare earths to the EU — The Guardian
In Brazil, mining company Viridis Mining and Minerals is developing a rare-earth raw materials project, aiming to begin production at the end of 2028. Its managing director, Rafael Moreno, said it is important for the European Union to reduce its dependence on China for supplies of these materials, The Guardian reports.
Project in Brazil
Viridis, whose shares are listed in Australia, has assets in Brazil, Australia and Canada. The company has opened a demonstration plant at the Colossus deposit in Minas Gerais state. There, powder containing rare-earth elements is produced from the deposit's surface layer. It may subsequently be further separated, including in France, to isolate rare-earth elements.
Moreno reported on Viridis's cooperation with French chemical company Solvay on processing the raw materials. The company plans to supply products to manufacturers of cars, wind turbines and other industrial customers in Europe. According to him, the project, which is currently being designed and built, is intended to account for about 5% of the global magnet market.
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China's export restrictions
China introduced controls on exports of rare-earth elements in April 2025, which, according to the publication, significantly affected the automotive industry in the EU, the United Kingdom, the United States and Japan. Following a meeting between US President Donald Trump and Chinese President Xi Jinping in South Korea in October 2025, Beijing agreed to suspend for 12 months the introduction of stricter global restrictions.
Before another meeting between Trump and Xi Jinping, Moreno said the market was nervous because of uncertainty over whether the pause would be extended. Kurt Tong, managing partner of consulting company Asia Group, suggested that an agreement to extend the suspension of restrictions could be postponed until November, when Trump is expected to visit China to attend the APEC forum.
EU's search for alternatives
Diversifying supply chains beyond China is one of the European Commission's priorities. According to The Guardian, China controls between 80% and 90% of global volumes of the relevant raw materials and processed end products. European Commissioner for Trade Maroš Šefčovič is due to visit Beijing on October 8 for talks with China's Commerce Minister Wang Wentao in an attempt to avoid a trade war.
