Rio2 Breaks Ground on $235M Fenix Gold Mine in Chile’s Atacama Region

Canadian mining company Rio2 Limited has officially commenced construction of its flagship Fenix Gold Mine in Chile’s Maricunga Gold Belt, a region known for its rich mineral resources.

The project, which represents an initial and sustaining capital investment of $235 million, is one of the largest undeveloped gold oxide heap leach projects in the Americas, with a measured and indicated resource of 4.8 million ounces of gold.

Construction began in October 2024 after overcoming regulatory hurdles, including the approval of an Environmental Impact Assessment (EIA) in December 2023 following an 18-month appeal process.

The mine is expected to begin production in January 2026, with construction scheduled for completion by November 2025. The project will create approximately 1,200 jobs during construction and 800 positions during its anticipated 17-year operational lifespan.

The Fenix Gold Mine will initially operate as a 20,000-tonne-per-day heap leach facility, producing an estimated 82,000 ounces of gold annually. Over its lifetime, the mine is expected to yield approximately 1.3 million ounces of gold.

Rio2 plans to expand production within three to five years, potentially increasing output to between 250,000 and 300,000 ounces annually by scaling operations to process up to 80,000 tonnes per day.

A feasibility study on this expansion is set for completion by late 2025. The project’s financing includes $150 million secured through a combination of debt and equity arrangements with Wheaton Precious Metals and other investors.

Wheaton has already provided $50 million as part of a pre-paid gold streaming agreement, with an additional $50 million tranche expected later this year. Designed with sustainability in mind, the Fenix Gold Mine avoids crushing facilities and tailings storage to minimize its environmental impact.

Rio2 has also worked closely with local communities, including six indigenous groups, ensuring social and environmental considerations are integrated into the project.

The mine’s strategic location near other major gold operations underscores its significance in Chile’s mining sector.  With its scalable design and focus on responsible practices, the Fenix Gold Mine positions Rio2 as a key player in modern mining while contributing to regional economic growth.