Rio2 Announces Official Start of Construction of Fenix Gold Mine

Core Viewpoint - Rio2 Limited has officially commenced construction of the Fenix Gold Mine in the Maricunga Gold Belt, marking a significant milestone for the company and the region [1][3]. Company Overview - Rio2 Limited is focused on developing and operating mining projects, particularly the Fenix Gold Project in Chile, with a commitment to high environmental standards and responsible development [6]. Project Details - The Fenix Gold Project is one of the largest undeveloped gold oxide heap leach projects in the Americas, with a Measured and Indicated mineral resource of 4.8 million ounces of gold [5]. - The total investment for the project is approximately USD 235 million, which includes both initial and sustaining capital [5]. - The construction phase is expected to create employment for at least 1,200 people, while the operational phase will employ around 550 individuals over 17 years [5]. Financial Aspects - The projected construction capital expenditure (capex) for 2025 is estimated at USD 122 million, excluding refundable Chilean VAT tax [3]. - Construction is anticipated to be completed by November 2025, with first gold production expected in January 2026 [3]. Community and Environmental Impact - The project has been designed with a focus on technical, environmental, and social considerations, aiming to minimize its overall impact and footprint [5]. - The mining operation will utilize a run-of-mine heap leach method, eliminating the need for crushing or tailings storage facilities [5].