Chile — Canadian mining firm Rio2 has officially broken ground on the construction of its Fenix Gold Mine, situated within the prolific Maricunga Gold Belt of Chile’s Atacama region.
The company anticipates construction to be finalised by November 2025, with the first gold production slated for January 2026.
The Fenix Gold Project is recognised by Rio2 as one of the largest undeveloped gold oxide, heap leach projects in the Americas, boasting a measured and indicated mineral resource of 4.8 million ounces of gold.
The project represents a total investment of approximately US$235 million ($370 million) in initial and sustaining capital.
Capital expenditure for construction in 2025 is estimated at US$122 million ($193.38 million), excluding refundable Chilean VAT.
Rio2 emphasises that the Fenix Gold Project has been designed with comprehensive “technical, environmental and social considerations”, showcasing a modern and responsible approach to gold mining.
The mine will employ a run-of-mine heap leach operation, eliminating the need for crushing or tailings storage facilities; significantly minimising its environmental footprint.
The construction phase is projected to create at least 1,200 jobs, with an additional 550 positions during the mine’s 17-year operational life.
In December 2024, HLC Chile was awarded a fixed-price agreement worth US$49 million ($76.93 million) for the construction of the processing plant, the adsorption, desorption and gold recovery (ADR) plant, as well as the essential infrastructure and site electrical distribution systems.
Prior to the commencement of construction, Rio2’s Chilean subsidiary, Fenix Gold Limitada, successfully secured all necessary sectorial permits in October 2024.
During the same month, the company finalised debt and equity financing of approximately US$150 million ($236.16 million) for the project’s construction, including a significant US$120 million ($191.14 million) contribution from Wheaton Precious Metals International.
