Key facts
- Viridis Mining and Minerals aims to supply the EU with rare earths by the end of 2028.
- China controls 80% to 90% of the world's raw materials and processed rare earth products.
- The EU's trade deficit with China is running at €1 billion a day.
- Chinese goods can be up to 30% cheaper than domestic alternatives.
- Viridis hopes to win 5% of the rare earths market share.
The head of Viridis Mining and Minerals, Rafael Moreno, has stated that it is crucial to end China's dominance over the supply of rare earths, materials essential for various industries including automotive, renewable energy, and defense. Moreno's comments come as US President Donald Trump and Chinese President Xi Jinping prepare for a summit, with market participants anxious about potential Chinese export restrictions on these critical materials. China previously imposed export controls in April 2025, impacting global auto industries, and a temporary suspension of stricter measures agreed upon last October is set to expire. Viridis, which has mining assets in Brazil, Australia, and Canada, is developing a demonstration plant in Minas Gerais, Brazil, with plans for further processing in France. The company aims to supply the EU market by the end of 2028, seeking to capture 5% of the global rare earths market share. The EU, facing a significant trade deficit with China and concerned about its leverage, is actively seeking alternative supply chains. EU Trade Commissioner Maroš Šefčovič is scheduled to meet with China's Commerce Minister Wang Wentao to discuss trade issues. The cost-effectiveness of Chinese goods, which can be up to 30% cheaper, presents a challenge for domestic supply chain development, as noted by Moreno and trade group Eurometal.