Rio2 Limited celebrates the official start of construction for the Fenix Gold Mine in Chile's Atacama Region. The project, anticipated to produce 4.8 million ounces of gold, is expected to contribute significantly to the region's economy and employment.
Rio2 Limited (Rio2) announced the official start of construction for its Fenix Gold Mine located in the Maricunga Gold Belt of Chile's Atacama Region. The ceremony, held on February 6th, 2025, was attended by numerous dignitaries, including the Honorable Aurora Williams Baussa, Minister of Mining; Mr. Mario Silva Álvarez, Deputy Governor of Atacama; Mr.
Jorge Riesco Valdivieso, President of SONAMI (Chilean National Mining Society); representatives from the Colla Indigenous Communities; Regional Ministerial Secretaries; representatives of Mining and Industry Guilds, and high authorities from InvestChile, CORPROA (The Corporation for the Development of the Atacama Region), and SERNAGEOMIN (National Service of Geology and Mining). The event featured remarks from both the participating authorities and Andrew Cox, Rio2's President & CEO. This marks a significant milestone for Rio2, following the successful completion of a debt and equity financing for the mine's construction announced on October 29th, 2024. Construction activities, which resumed in October 2024, are projected to cost USD 122 million in 2025 (excluding Chilean VAT tax). The project is anticipated to be completed by November 2025, with first gold production targeted for January 2026.The Fenix Gold Project is one of the largest undeveloped gold oxide, heap leach projects in the Americas. It boasts a Measured and Indicated mineral resource of 4.8 million ounces of gold, a figure Rio2 believes will contribute positively to the Atacama Region and Chile. The project stands as an example of modern gold mining, incorporating comprehensive technical, environmental, and social considerations from its inception. The Fenix Gold Project represents a substantial investment in Chile's gold mining industry by a junior mining company. The initial and sustaining capital investment is estimated at approximately US$235 million, generating employment for at least 1,200 people during the construction phase and 550 people during the 17-year operational phase. The planned mine will utilize a run-of-mine heap leach operation, eliminating the need for crushing or tailings storage facilities, thereby minimizing its environmental impact and footprint. Rio2, a mining company dedicated to development and mining operations, boasts a team with proven technical expertise and a successful track record in capital markets. The company is committed to bringing the Fenix Gold Project into production as quickly as possible, employing a staged development strategy. Both Rio2 and its wholly owned subsidiary, Fenix Gold Limitada, adhere to the highest environmental standards and responsibility. They firmly believe in the possibility of developing mining projects that prioritize the three pillars of responsible development: social, environmental, and economic. As related companies, they reaffirm their commitment to exceeding regulatory environmental standards, striving to protect and preserve the environment of their operational territories
GOLD MINING CHILE RIO2 LIMITED FENX GOLD MINE ATACAMA REGION MINING INVESTMENT SUSTAINABLE MINING
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