Viridis signs energy contract for rare earths project in MG

Viridis Mining and Minerals signed the first major contract for the execution of the Colossus rare earths project in Minas Gerais. The agreement was signed with the municipal energy distributor DME and provides for the construction of the electrical infrastructure necessary to connect the project to the grid.

According to a statement sent to the market, the contract includes licensing, engineering, purchase of equipment and construction of a dedicated high voltage transmission connection of 3.2 kilometers and 138 kV, connecting the Saturnino Substation to the Colossus project.

The agreement also guarantees an initial reserve of 27 MW of electrical capacity to support the first phase of operation of the project. Capacity on the network was assured from December 2027, in line with the company's schedule, which targets first production in the first half of 2028.

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The infrastructure will be delivered in a "turnkey" model, in which DME is responsible for the entire package, from licensing to energization. The package of works has a fixed price estimated at R$3.97 million. According to the company, the format provides cost predictability and avoids exposure to possible increases in engineering or construction expenses for this part of the project.

The transmission line and associated substation infrastructure will be designed with a capacity of up to 90 MVA, above anticipated initial demand. Viridis says this creates a route for future expansion of Colossus without the need for large additional investments in network connection.

In a statement, the company's managing director, Rafael Moreno, stated that the signing of the agreement marks the formal transition of the project from the development phase to the execution phase.

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"Ensuring dedicated energy infrastructure in Brazil, where approximately 90% of energy is generated from sustainable sources, is a critical requirement for any mining project," said Moreno.

Viridis also reported that DME has already started the acquisition of critical electrical equipment with long delivery times, with the aim of meeting the energization schedule in December 2027.

The advance occurs before the final investment decision, known as FID, scheduled by the company for the second half of 2026. Viridis states that the energy contract is the first of several relevant execution packages that should be contracted in the coming months.

Source: CNN