European rare earths refiner Solvay has signed a long-term agreement with Australian company Viridis Mining and Minerals to supply its La Rochelle, France, facility with rare earths from an upcoming Brazilian mine. Shipments are expected to begin in 2028. The deal includes price floors to support Viridis if market prices fall and guarantees at least 70% of output will go to Solvay.
This move supports global efforts to diversify supply chains away from China, which currently dominates rare earth mining and refining. The agreement also involves technology licensing and technical support from Solvay to Viridis. The Pentagon has announced it will stop sourcing magnets and critical parts from China starting in January, increasing demand for non-Chinese rare earths.
Viridis is in talks with European banks for financing, supported by the EU. The Colossus mine in Brazil is one of only three non-Chinese rare earth producing mines globally.
Source: Financial Times Companies · Summarized by HeadlinesBriefing