Viridis Mining's Southern Complex Sets New Standards in Rare Earth Production
VIRIDIS MINING AND MINERALS LIMITED (VMM) Share Update December 2024 Wednesday 11th
Viridis Mining Achieves Breakthrough in Rare Earth Production
Viridis Mining and Minerals Limited (ASX: VMM) has announced a significant breakthrough in its maiden Mixed Rare Earth Carbonate (MREC) production from the Southern Complex, positioning the Colossus Project as a global leader in Ionic Adsorption Clay (IAC) projects.
Instant Summary:
- Highest known recoveries for Magnetic Rare Earth Oxides (MREO) using low-cost ammonia-based flowsheet.
- Exceptional MREO recoveries: Praseodymium (77%), Neodymium (79%), Dysprosium (65%), Terbium (69%).
- Overall MREO recoveries from ore to MREC: 78%.
- Lowest impurity levels globally for a public IAC project at ~0.7%.
- Superior basket value with MREOs accounting for 93% of the overall value.
Introduction to the Southern Complex
Viridis Mining and Minerals Limited has successfully produced its maiden Mixed Rare Earth Carbonate (MREC) from the Southern Complex, achieving industry-leading recoveries and setting a new benchmark in the rare earth sector. The Southern Complex, part of the broader Colossus Project, has demonstrated its potential as a world-leading Ionic Adsorption Clay (IAC) project.
Innovative Production Process
The production process, developed in collaboration with the Australian Nuclear Science and Technology Organisation (ANSTO), utilized a low-cost ammonia-based flowsheet. This innovative approach resulted in the highest known recoveries of valuable Magnetic Rare Earth Oxides (MREO), including Praseodymium, Neodymium, Dysprosium, and Terbium, with an overall recovery rate of 78% from ore to MREC.
Quality and Purity
The MREC product from the Southern Complex boasts a Total Rare Earth Oxide (TREO) content of 58%, with a MREO/TREO ratio of 38%. The product is noted for its superior purity, with impurity levels at approximately 0.7%, the lowest globally for a public IAC project. This high-quality product is expected to attract significant interest from potential offtake partners.
Strategic Implications
The results from the Southern Complex are a testament to Viridis' strategic focus on maximizing MREO recoveries and minimizing production costs. The company's CEO, Rafael Moreno, emphasized the significance of these results in de-risking the metallurgical processes and advancing the Colossus Project towards a robust and long-life operation.
The breakthrough in MREC production positions Viridis Mining as a leader in the rare earth industry, potentially increasing the company's market value and attracting investor interest. The high recoveries and low impurity levels enhance the project's economic viability, offering a competitive edge in the global market.
Investor Reaction:
Analysts are likely to view this announcement positively, given the project's potential to deliver high-value rare earth products at a lower cost. The low impurity levels and high recoveries are expected to bolster investor confidence and may lead to increased interest from strategic partners.
Conclusion:
Viridis Mining's successful MREC production from the Southern Complex marks a significant milestone in the company's development strategy. Investors should monitor the company's progress as it advances towards environmental permitting and resource updates, which will further solidify its position in the rare earth market.