Behind the US DFC’s major loan to Serra Verde

Serra Verde, a privately held mining company operating in the central Brazilian state of Goiás, has secured a USD 565 million loan from the US International Development Finance Corporation, or DFC.

Beyond being for 22% more than the amount initially approved by the agency’s board last year, the financing comes with an unusual clause: Washington may, at its discretion, acquire a minority equity participation in the company.

The loan will fund upgrades at Serra Verde’s Pela Ema mine and processing plant, which began commercial production in 2024. It also places the company squarely inside a fast-expanding US strategy to secure supplies of minerals deemed critical for advanced manufacturing, clean energy and defense.