Solvay, Viridis sign rare earth LOI
Analysis based on 6 articles · First reported May 31, 2026 · Last updated Jun 01, 2026
The agreement between Solvay and Viridis Mining and Minerals is expected to positively impact the rare earth market by diversifying supply chains and increasing the availability of critical materials. This could lead to more stable pricing and reduced reliance on single-source suppliers, benefiting industries like electric vehicles and renewable energy.
Solvay and Viridis Mining and Minerals have signed a Letter of Intent (LOI) for a strategic partnership to secure rare earth materials by 2028. Under the LOI, Viridis Mining and Minerals will supply critical rare earth feedstocks from Brazil to Solvay's La Rochelle plant in France. Solvay will leverage its expertise to process these raw materials into high-purity oxide elements essential for various advanced technology sectors, including electric vehicle motors, renewable energy, and defense systems. This collaboration aims to strengthen and diversify the upstream supply chain for rare earths, with Solvay targeting to supply 30% of the European market for magnet-grade light and heavy rare earths by 2030. The transaction is subject to definitive documentation and customary conditions.
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