Ionic Rare Earths (ASX:IXR) said its joint venture Viridion was selected for inclusion in the Brazilian Financial Agency for Studies and Projects and the National Bank for Economic and Social Development strategic minerals funding program, according to a Friday Australian bourse filing.
The firm holds a 50% stake in Viridion, while Viridis Mining and Minerals (ASX:VMM) holds another 50%.
The agency and bank had launched a public call in January for investment in firms engaged in the value chain for strategic minerals linked to the energy transition and decarbonization in the country.
Viridion proposed to use the funding to progress the development of pilot rare earth refining and magnet recycling plants, as well as metallurgical testing and associated research and development activities, among other things.
Ionic Rare Earths' shares surged almost 13% in recent Friday trade.
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