Rio2 has officially commenced construction at its Fenix gold mine located in the Maricunga Gold Belt in Chile’s Atacama Region.
The ceremony was attended by Chilean Minister of Mining Aurora Williams Baussa, Atacama Deputy Governor Mario Silva Álvarez, and Chilean National Mining Society (SONAMI) President Jorge Riesco Valdivieso.
Representatives from the Colla Indigenous Communities, regional authorities, mining industry organisations, and InvestChile were also present.
Construction activities at the Fenix gold mine resumed in October 2024 following the completion of debt and equity financing, which was announced in the same month.
The company’s financing package totalling around $150m included a $120m agreement with Wheaton Precious Metals International and a public offering of common shares aimed at raising up to C$40m ($28m).
The total capital expenditure for the Chilean gold project in 2025 is estimated at $122m, excluding refundable Chilean VAT.
Construction is expected to be completed by November 2025, with the first gold production from the Fenix mine anticipated in January 2026.
The Fenix project is said to be among 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.
Rio2 expects the project to contribute significantly to the Atacama Region and Chile’s gold mining sector.
The project involves an estimated initial and sustaining capital investment of approximately $235m.
During the construction phase, the mine is expected to generate around 1,200 jobs, with 550 positions created during the 17-year operational period.
The mine will be developed as a run-of-mine heap leach operation, eliminating the need for crushing or tailings storage facilities to minimise its environmental impact.
