Rio2 Reports 19% Progress on Fenix Gold Mine Construction

2025-04-29 global

Atacama, Wednesday, 30 April 2025.
Rio2 announced that the Fenix Gold Mine in Chile is 19% complete, with first gold production expected by January 2026. The project remains on schedule and is vital for local economies.

Project Overview and Economic Impact

The Fenix Gold Mine, developed by Rio2 Limited in the Atacama Region of Chile, has reached 19% completion as of March 31, 2025. The project is strategically significant for both the company and the local economy as it advances toward an anticipated first gold production in January 2026. The mine, spanning over 37,291 hectares, is set to employ 1,240 personnel, predominantly Chilean workers, with 41% hailing from the Atacama Region and 11% being female [1][2].

Construction Progress and Financial Outlook

Since October 2024, Rio2 has invested $30.1 million out of an allotted $30.5 million budget, cautiously excluding corporate overheads and pre-construction expenses from 2022. Financially, the Fenix Gold Project demands an estimated total investment of $235 million, representing one of the largest undeveloped gold oxide heap leach projects in the Americas [2][5]. Given the company’s forecasted metrics and investment, the completion of this project is expected to bolster the Atacama Region’s economic profile through increased employment opportunities and business activities [5].

Upcoming Construction Milestones

The project is on track to meet several upcoming construction targets, with the PSL pond slated for completion by the end of April 2025 and the ADR plant building expected to close for winter by May 2025. Other critical milestones include the delivery of a 10-hectare leach pad and the installation of electrical switch rooms by May 2025. Rio2 is also preparing for the commissioning of the ADR plant in November 2025 and plans to complete its Mine Expansion Study by December 2025, aligning with its first anticipated gold pour in January 2026 [1][2][4].

Operational Challenges and Future Prospects

While the Fenix Gold Mine project progresses, Rio2 faces uncertainties, notably in securing completed financing which could potentially hinder the timeline. The project’s development is particularly sensitive to market conditions, including fluctuations in commodity prices, interest rates, and Chile’s regulatory environment. Nevertheless, the strategic and technical oversight being executed aims to mitigate risks, positioning the project as a catalyst for future growth and stability within the company [5][6].

Sources

Rio2 Fenix Gold Mine