According to a report by Mining.com citing Bloomberg News, Brazilian miner Serra Verde Group is expanding its rare earth production.
About a year ago, the company began commercial production of rare earth concentrates in Goiás, Brazil. Ricardo Grossi, Chief Operating Officer of Serra Verde Group, stated in an interview that the company is expected to produce 5,000 mt of rare earth oxides by 2026. He mentioned that production will increase as capacity expands, but he did not disclose specific figures.
Grossi noted that Serra Verde is also considering establishing strategic partnerships with companies and nations to expand the production and processing of rare earth metals. His company primarily produces Pr-Nd, dysprosium, and terbium. He hopes the company can become an alternative supplier of critical minerals for the West.
Serra Verde is backed by Denham Capital and has also received support from the US-based Energy & Minerals Group and the UK-based Vision Blue Resources Ltd., including a $150 million investment in October. Negotiations for another fund are underway.
"This investment could come from new partners or existing investors," Grossi said. He previously worked at Vale and Anglo American.
Serra Verde is also considering expanding production at its Brazilian mines, potentially doubling capacity by 2030. The company has already joined the Minerals Security Partnership (MSP). MSP members include the US and EU countries, aiming to accelerate the development of sustainable, secure, and diversified supply chains for critical minerals.
Although a supply surplus has driven down rare earth metal prices, Serra Verde remains optimistic about producing more magnets from rare earth metals. Grossi stated that Asia is currently the primary destination for its products. The company expects an average annual demand growth of 8.5% for its products by 2035, which will strengthen its balance sheet.
"For the first time in 15 years, we have started to turn a profit, which is already a significant achievement," Grossi said. "Starting in 2026, the company's financial situation will undergo a complete transformation."
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