Vancouver-based Rio2 last week celebrated the official start of construction of its Fenix gold mine, in the Maricunga gold belt of Chile’s Atacama.
The event, held on Thursday, was attended by Mining Minister Aurora Williams Baussa, deputy Atacama Governor Mario Silva Álvarez and Sonami president Jorge Valdivieso, as well as representatives of regional communities and regional government entities.
Rio2 restarted construction activities at Fenix in October after successfully completing a debt and equity financing for the construction of the mine earlier that month.
The projected construction capital expenditure for 2025 is estimated to be $122-million, with construction expected to be completed in November. First gold production is currently guided for January 2026.
The Fenix project is one of the largest undeveloped gold oxide, heap leach projects in the Americas, hosting a measured and indicated mineral resource of 4.8-million ounces of gold.
The project will operate as a run-of-mine heap leach facility, eliminating the need for crushing or tailings storage facilities.