Fenix Gold Mine Construction Officially Underway in Atacama Region

SEATTLE (Scrap Monster): High officials from InvestChile, CORPROA (The Corporation for the Development of the Atacama Region), SERNAGEOMIN (National Service of Geology and Mining), representatives of the Colla Indigenous Communities, regional ministerial secretaries, the Honorable Aurora Williams Baussa, Minister of Mining, Mr. Mario Silva Álvarez, Deputy Governor of Atacama, and Mr. Jorge Riesco Valdivieso, President of SONAMI (Chilean National Mining Society) were among those in attendance at the February 6, 2025 event.

Rio2's President & CEO, Andrew Cox, and the participating authorities made statements during the event.

Following the successful completion of debt and equity financing for the mine's construction announced on October 29, 2024, the Company resumed construction activities at the Fenix Gold Mine in October 2024.

Construction is anticipated to be finished in November 2025, with a projected construction capital expenditure of USD 122 million (excluding the refundable Chilean VAT tax). January 2026 is currently the estimated date for the first gold production.

Fenix Gold Project

One of the largest undeveloped gold oxide heap leach projects in the Americas, the Fenix Gold Project contains 4.8 million ounces of measured and indicated mineral resource (as defined by National Instrument 43-101-Standards of Disclosure for Mineral Projects that the company believes will benefit Chile and the Atacama Region.

The Project illustrates contemporary gold mining in which all relevant technical, environmental, and social factors have been consulted and taken into account from the beginning. At least 1,200 people will be employed during the construction phase, and 550 people will be employed during the 17-year operations phase.

The project represents a significant investment of approximately US$235M in initial and sustaining capital by a junior mining company in the Chilean gold mining industry. Since there will be no need for crushing or tailings storage facilities, the proposed mine will be a run-of-mine heap leach operation, reducing the project's overall impact and footprint.

Courtesy: www.azomining.com