Rio2 pours first gold at Fenix mine in Chile

[Ben Graham]

Canada’s Rio2 (TSX-V: RIO) has achieved first gold production at its wholly owned Fenix gold mine in Chile, marking the transition from construction to operations.

The company said Monday that the first official gold pour took place on Jan. 23 and produced about 897 ounces, following an additional 358 ounces poured in December during plant commissioning, with the two pours also yielding about 131 ounces of silver.

Rio2 said construction of critical-path infrastructure for the $235-million project was completed on time and on budget, in line with guidance, positioning Fenix as Chile’s newest gold mine.

Fenix is located in Chile’s Atacama region along the Maricunga gold belt and will operate as a run-of-mine heap leach facility, eliminating the need for crushing or tailings infrastructure to reduce environmental impact. Construction began about a year ago, generating roughly 1,200 jobs during the build phase and supporting about 550 permanent positions over the mine’s 17-year life.

Regional growth

Rio2 is now ramping up operations toward a throughput rate of 20,000 tonnes of ore per day to pad over the remainder of the year and is targeting gold production of 60,000 ounces to 70,000 ounces in 2026, based on its current plan.

Left to Right: João Canêdo, operations manager Fenix mine; Alex Black, executive chairman of Rio2; Andrew Cox, president & CEO of Rio2. (Image courtesy of Rio2.)

Executive chair Alex Black said the first pour capped an extended development process following the company’s 2018 merger with Atacama Pacific Gold Corporation, crediting the team’s discipline and execution for delivering the mine on budget and on schedule. 

Black added that Fenix will serve as Rio2’s cornerstone asset as the company advances growth in Latin America. This includes the integration of its recently announced Condestable copper mine acquisition in Peru, which expands the company’s metals exposure beyond gold.