Solvay and Viridis Move Toward Strategic Rare Earth Materials Agreement to Support Electric Vehicle, Renewable Energy and Defence Markets

Solvay, site de La Rochelle. Vues de drone. Alexandre Dupeyron CAPA PICTURES pour Solvay.

(IN BRIEF) Solvay has signed a Letter of Intent with Viridis Mining and Minerals to secure rare earth feedstocks from Brazil by 2028, supporting its strategy to strengthen and diversify critical materials supply chains. Under the proposed partnership, Viridis would supply rare earth materials to Solvay’s La Rochelle plant in France, where Solvay would use its advanced separation, processing and formulation capabilities to refine them into high-purity rare earth oxides. The feedstock is expected to include key magnet rare earths such as neodymium, praseodymium, dysprosium and terbium, as well as heavy rare earths including samarium, gadolinium and yttrium. These materials are critical for electric vehicles, renewable energy, electronics, medical technologies, aerospace and defence applications. The partnership would support Solvay’s ambition to scale rare earth production, carry out industrial-scale separation of dysprosium and terbium at La Rochelle by September 2026, and supply 30% of the European market for magnet-grade light and heavy rare earths by 2030, subject to final agreements and customary conditions.

(PRESS RELEASE) BRUSSELS, 1-Jun-2026 — /EuropaWire/ — Solvay has signed a Letter of Intent with Viridis Mining and Minerals to secure a strategic supply of rare earth materials by 2028, marking a further step in the company’s efforts to strengthen and diversify critical raw material supply chains.

The proposed partnership is intended to support growing global demand for rare earth elements used in electric vehicle motors, renewable energy systems, advanced electronics, defence technologies and other high-value industrial applications. Following the signing of the LOI, Solvay and Viridis will work toward a definitive sourcing agreement.

Under the planned arrangement, Viridis is expected to supply rare earth feedstocks from Brazil to Solvay’s La Rochelle facility in France. Solvay would contribute its rare earth separation expertise and processing technology to help accelerate the development of feedstock supply from Brazil and support the transformation of raw materials into individual high-purity rare earth oxides.

The collaboration would make use of Solvay’s advanced capabilities in processing, separation and formulation. These capabilities are central to refining rare earth materials into the high-purity oxide elements required for permanent magnets and other advanced technology applications.

The feedstock covered by the proposed partnership includes rare earth elements essential for permanent magnets, including neodymium, praseodymium, dysprosium and terbium. These materials are increasingly important for global electrification, clean energy technologies and high-performance industrial systems.

The materials also include additional heavy rare earths such as samarium, gadolinium and yttrium, which are used in sectors including automotive, electronics, medical technology and aerospace. By securing access to these resources, the proposed agreement would support a broader and more resilient supply base for strategically important industries.

An Nuyttens, President of Solvay’s Special Chem business, said the proposed transaction would represent a significant milestone in strengthening and diversifying Solvay’s upstream supply chain. She said a partnership with Viridis would give Solvay another reliable source of raw materials, allowing the company to maximise processing capacity and meet increasing demand for high-purity, sustainably processed rare earth elements.

Nuyttens added that Solvay is preparing for industrial-scale separation of dysprosium and terbium at its La Rochelle site by September 2026. The company also maintains its target of supplying 30% of the European market for magnet-grade light and heavy rare earths by 2030.

Rafael Moreno, Managing Director and CEO of Viridis Mining and Minerals, said partnering with Solvay would connect Viridis’ resource base with one of the world’s most advanced rare earth processing platforms. He said the collaboration would support a more diversified and responsible supply of critical materials for rapidly growing global markets.

Solvay’s La Rochelle plant is one of the largest rare earth separation facilities outside China and among the few industrial sites worldwide capable of processing all rare earth elements at scale. The planned partnership supports Solvay’s broader ambition to expand production capacity and contribute to a more resilient rare earth value chain.

The contemplated transaction remains subject to final documentation, applicable approvals and customary conditions. Solvay noted that there is no assurance the transaction will be completed or that final terms will be agreed.

Media contacts:

Geoffroy d’Oultremont
Head of Investor Relations
Tel +32 478 88 32 96
Send an email

Peter Boelaert
External Communication Director
Tel +32 479 30 91 59
Send an email

Laetitia Van Minnenbruggen
Media relations manager
Tel +32 484 65 30 47
Send an email

Charlotte Vandevenne
Investor Relations Specialist
Tel +32 471 68 01 66
Send an email

Vincent Toussaint
Investor Relations Manager
Tel +33 6 74 87 85 65
Send an email

About Solvay

Solvay, a pioneering chemical company with a legacy rooted in founder Ernest Solvay’s pivotal innovations in the soda ash process, is dedicated to delivering essential solutions globally through its workforce of over 8,400 employees. Since 1863, Solvay has harnessed the power of chemistry to create innovative, sustainable solutions that answer the world’s most essential needs such as purifying the air we breathe and the water we use, preserving our food supplies, protecting our health and well-being, creating eco-friendly clothing, making the tires of our cars more sustainable and cleaning and protecting our homes. Solvay’s unwavering commitment drives the transition to a carbon-neutral future by 2050, underscoring its dedication to sustainability and a fair and just transition. As a world-leading company with €4.3 billion in net sales in 2025, Solvay is listed on Euronext Brussels and Paris (SOLB). For more information about Solvay, please visit solvay.com or follow Solvay on Linkedin.  

About Viridis

Viridis Mining and Minerals Limited is a resource exploration and development company with assets in Brazil, Canada and Australia. The Company’s Projects comprise:

• The Colossus Project, with a Mineral Resource Estimate and Ore Reserve Estimate for Rare Earth Elements following completion of a Pre-Feasibility Study;
• The South Kitikmeot Project, where the Company intends to continue gold exploration;
• The Boddington West Project, which the Company considers to be prospective for gold;
• The Bindoon Project, which the Company considers to be prospective for nickel, copper and platinum group elements; and
• The Poochera and Smoky Projects, which the Company considers prospective for kaolin-halloysite.

SOURCE: Solvay