The project, located in northern Chile, involves an investment of US$235 million, and production is expected to be initiated in January 2026.
Rio2 has announced the official start of construction of its Fenix Gold project, located in Chile’s Atacama Region.
The event was attended by Minister of Mining, Aurora Williams; Deputy Governor of Atacama, Mario Silva; President of the National Mining Society (Sonami), Jorge Riesco; and InvestChile Director, Karla Flores.
Representatives from Colla Indigenous Communities, mining and industrial associations, the Corporation for the Development of the Atacama Region (CORPROA), and the National Geology and Mining Service (SERNAGEOMIN), as well as company executives led by Andrew Cox, President and CEO of Rio2, were also present.
During the ceremony, the project’s impact on the region’s economic development and mining industry was highlighted.
The company resumed construction activities at the Fenix Gold mine in October 2024, following the successful completion of a debt and equity funding round announced on October 29, 2024.
According to the company, capital expenditure for construction in 2025 is projected to reach US$122 million, with construction expected to be completed by November 2025. Gold production is currently set to be initiated in January 2026.
About the project According to Chilean mining information platform Portal Minero, Fenix Gold is one of the largest undeveloped gold oxide heap leach projects in the Americas, hosting a measured and indicated mineral resource of 4.8 million ounces of gold.
According to the company, the initiative will contribute to economic development for both the Atacama Region and the rest of the country.
On the other hand, the project represents a significant investment in the gold mining business in Chile by a junior mining company of approximately US$235 million of initial and maintenance capital, generating employment for at least 1,200 people during the construction phase and 550 people during the 17-year operations phase.
The contemplated mine will be a run-of-mine heap leach operation; no crushing or tailings storage facilities are required, minimizing the overall impact and footprint of the project.
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