Viridis secures a binding rare earths offtake agreement with Belgium's Solvay

Nov 5 (Reuters) - Australia's Viridis Mining and Minerals VMM.AX said on Thursday that it had executed a binding long-term offtake agreement with Solvay SOLB.BR, a Belgium-based chemical firm, to sell mixed rare earth carbonate (MREC) from its Colossus Rare Earth Project in Brazil.

Here are the details:

• The MREC agreement includes commitments across seven rare earth elements, including neodymium, praseodymium, dysprosium and yttrium.

• The rare earths miner said the agreement has an initial term commencing with first production, targeted for 2028, and runs through December 2034.

• Minimum contracted volumes for the principal magnetic rare earths, neodymium, praseodymium, dysprosium and terbium, including the ramp-up period, account for nearly 64% of forecast production of these elements over the six-year take-or-pay period.

• The minimum contracted volumes support minimum revenue of $915 million, based on contractual price floors and other factors.

• "Securing binding offtake with Solvay, alongside our advanced senior debt financing process, puts Viridis in a strong position as we progress towards targeted production in 2028," said Managing Director Rafael Moreno.

• Under a separate agreement, Solvay will also license technology and provide technical support to Viridis to produce higher-value, refined MREC in Brazil, the company added.