Rio2 Begins Construction on the Fenix Gold Mine
Rio2 Limited, a prominent mining company, has officially initiated the construction of its Fenix Gold Mine. This site is situated within the Maricunga Gold Belt, a region renowned for its abundant gold resources. The commencement of this project marks a significant milestone in the company's development and growth trajectory.
Celebration of Initiation Event
The official start of construction was celebrated during a recent event attended by key figures from the mining sector, including regional authorities and representatives from Indigenous communities. Among the attendees were the Honorable Aurora Williams Baussa, Minister of Mining, alongside Mr. Mario Silva Álvarez, Deputy Governor of Atacama, who expressed their support for the project and its potential benefits to the local economy.
Investment and Economic Impact
As outlined in a past announcement, Rio2 resumed construction activities in October, following a successful fundraising initiative aimed at financing this significant project. The anticipated capital expenditure for construction in 2025 is expected to reach USD 122 million, excluding any local VAT. Completion of the construction phase is projected for November 2025, with the first gold production slated for January 2026, demonstrating the company's commitment to bringing this project to fruition in an efficient timeline.
Details of the Fenix Gold Project
The Fenix Gold Project is characterized as one of the largest undeveloped heap leach projects in the Americas, boasting a mineral resource estimate of 4.8 million ounces of gold. This significant find positions Rio2 as a key player in the Chilean gold mining sector. Notably, the project incorporates advanced mining practices that prioritize environmental and social considerations while tapping into the region's gold potential.
Employment Opportunities
With an initial investment of approximately USD 235 million, the Fenix Gold Mine is expected to create around 1,200 jobs during the construction period and an additional 550 jobs during its 17 years of operational life. This job creation will have a positive impact on the local communities, providing vital employment opportunities and contributing to the regional economy.
Commitment to Sustainable Mining Practices
Rio2 Limited and its wholly owned subsidiary, Fenix Gold Limitada, are deeply committed to maintaining high environmental and corporate responsibility standards. The companies advocate for fostering a variety of socioeconomic benefits within the communities they engage with, fulfilling their duty to operate sustainably and ethically.
About Rio2 Limited
With a strong technical team and a proven track record in financial markets, Rio2 is dedicated to advancing the Fenix Gold Project rapidly. Their approach to mining embodies a harmonious balance between development and the need for responsible mining practices. They believe that it is entirely achievable to operate mining projects that respect social, environmental, and economic responsibilities.
Contact Information
For more details about Rio2 Limited, you can reach out via email or telephone.
Alex Black
Executive Chairman
Email: alex.black@rio2.com
Tel: +51 99279 4655
Kathryn Johnson
Executive Vice President, CFO & Corporate Secretary
Email: kathryn.johnson@rio2.com
Tel: +1 604 762 4720
Frequently Asked Questions
What is the significance of the Fenix Gold Mine project?
The Fenix Gold Mine project is crucial for the local economy, promising substantial employment opportunities and economic growth, while tapping into a significant gold resource.
When is the expected completion date for the construction?
The construction of the Fenix Gold Mine is expected to be completed in November 2025.
How much gold is estimated to be produced?
The Fenix Gold Project hosts an estimated 4.8 million ounces of gold.
What are Rio2's commitments to sustainability?
Rio2 is dedicated to high environmental standards, seeking to develop mining projects that respect social, environmental, and economic pillars of responsible development.
Who are the key people involved in the Rio2 project?
Key individuals involved include Alex Black, the Executive Chairman, and Kathryn Johnson, the Executive Vice President, who oversee the operations and strategic direction of the company.
