Rio2 Limited Secures $50 Million Investment to Enhance Fenix
Rio2 Limited Secures Significant Investment for Fenix Gold Project
Vancouver, British Columbia – Rio2 Limited (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) is thrilled to announce a substantial third deposit payment of US$50 million received from Wheaton Precious Metals International Ltd. (WPMI). This funding comes in connection with the previously established precious metals purchase agreement, aimed at accelerating developments within the company's Fenix Gold Project in Chile.
Importance of the Fenix Gold Project
The Fenix Gold Project stands out as one of the most significant undeveloped gold oxide heap leach projects across the Americas. With a resource measure of approximately 4.8 million ounces of gold, this project is anticipated to bring substantial economic benefits to the Atacama Region and Chile at large. Rio2 Limited is dedicated to implementing modern mining practices, paying close attention to technical, environmental, and social aspects right from the project's inception.
Sustainable Investment in Mining
Rio2 is committing around US$235 million towards the initial and ongoing capital for the Fenix Gold Project. The investment is not just about the financials; it translates into the creation of job opportunities, providing employment for around 1,200 individuals during construction and 550 during its 17 years of operational phase.
Environmental Responsibility
The planned operation is designed to be a run-of-mine heap leach setup, which significantly reduces the need for crushing and tailings storage, thereby minimizing the project's environmental footprint. This advancement highlights Rio2’s commitment to responsible mining practices that align with both environmental sustainability and economic development.
Commitment to Transparency and Growth
For stakeholders looking for detailed insights regarding the project, Rio2 provides access to their independent technical report, which includes key parameters, assumptions, and potential risks associated with development efforts.
About Rio2 Limited
Rio2 Limited focuses on developing and operating mining projects through a team with deep industry knowledge and a successful history in capital markets. Targeting the swift advancement to production of the Fenix Gold Project, Rio2 and its wholly owned subsidiary prioritize high environmental standards and responsible practices that respect the equilibrium of social, economic, and environmental pillars.
Frequently Asked Questions
What is Rio2 Limited's recent funding announcement?
Rio2 Limited has secured a US$50 million investment from Wheaton Precious Metals to support its Fenix Gold Project in Chile.
What is the significance of the Fenix Gold Project?
The Fenix Gold Project is one of the largest undeveloped gold oxide heap leach projects in the Americas with a resource reserve of approximately 4.8 million ounces of gold.
How does Rio2 Limited ensure environmental responsibility?
Rio2's mining operations are designed to minimize environmental impact, emphasizing sustainable practices like a run-of-mine heap leach operation.
How many jobs will the Fenix Gold Project create?
The project is expected to create around 1,200 jobs during the construction phase and 550 during the operational phase.
Where can I find more information regarding Rio2 Limited?
More information can be accessed through their official website or the SEDAR+ profile for detailed financial reports and descriptions.
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