Viridis hatching Colossus study in Brazil

Viridis Mining and Minerals (ASX:VMM) has employed professional services firm Hatch a contract to deliver a Scoping Study and general engineering support for the Colossus Project in Brazil.  

Viridis, which has a $55.97 million market capitalisation, says engineering support from the Perth Hatch office is now underway and the formal Scoping Study will begin in March 2024. 

The study will have an initial focus on the ‘highly prospective’ Northern concessions consisting of Fazenda, Caminho Das Pedras, Central, and Carijo prospects.

Key deliverables from the Study will include processing and production methods, flow rates and associated mine life, review of capital expenditure estimate (capex) to deliver Colossus, the associated operating expenditure estimate (opex) to operate the project at nameplate throughout, and the project execution schedule. 

The output from the Scoping Study will enable Viridis to execute other key scopes on the development pathway, including full asset lifecycle financial modelling to support project financing, offtake discussions, and finalisation of the project execution plan. 

Other key scopes include the technical output to support mining permit applications, environmental impact assessments and regulatory submissions, as well as technical and economic outputs to support the conversion of mineral resources to reserve. 

Metallurgical flowsheet development will be supported by an ongoing Australian Nuclear Science & Technology Organisation (ANSTO) testwork program and the early engineering engagement with Hatch. 

The early engagement is expected to provide guidance on additional lab testing required to de-risk the final flow sheet design.  

Viridis Mining and Minerals Chief Executive Officer (CEO) Rafael Moreno says: “We are thrilled to have secured a strategic world class professional services contractor such as Hatch, with specialist rare earth processing experience to work with our teams here in Perth and Belo Horizonte, Brazil. 

Having spent most of my career delivering major capital projects, you quickly learn that the calibre of your engineering contractor, early in your development journey, plays a crucial part in de-risking the execution phase of the project including the environmental approvals process. 

Discussions held with Hatch management have given Viridis confidence that the team understands the value drivers of delivering a Scoping Study which reduces the complexity of the flow sheet design and technology selection, sets a global benchmark in environmental standards whilst keeping the facility OPEX at the low end of the cost curve.”

Hatch Director Metals Australia-Asia Claude D’Cruz says: “Hatch is excited to be working with Viridis to undertake the Scoping Study for the Colossus Rare Earth Element (REE) Project in Minas Gerais, Brazil. 

We look forward to working closely with Viridis to set the Project up for future success by drawing on our significant expertise in the processing of rare earths and associated elements, and our substantial project delivery experience.” 

Hatch is a multi discipline engineering, management, and project development consultancy with execution offices in Perth, Western Australia, and Belo Horizonte, Brazil. 

Viridis Mining and Minerals is a resource explorer and developer with assets in Brazil, Canada, and Australia. 

The company’s Brazilian assets include the Colossus project, which it considers to be prospective for rare earth elements (REEs).

As of 30 December 2023, Viridis Mining and Minerals had $1.568 million cash and cash equivalents at hand, according to its latest quarterly report.

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Images: Viridis Mining and Minerals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.