INSUBCONTINENT EXCLUSIVE:
region known for its rich mineral resources.The project, which represents an initial and sustaining capital investment of $235 million, is
one of the largest undeveloped gold oxide heap leach projects in the Americas, with a measured and indicated resource of 4.8 million ounces
of gold.Construction began in October 2024 after overcoming regulatory hurdles, including the approval of an Environmental Impact Assessment
(EIA) in December 2023 following an 18-month appeal process.The mine is expected to begin production in January 2026, with construction
scheduled for completion by November 2025
The project will create approximately 1,200 jobs during construction and 800 positions during its anticipated 17-year operational
lifespan.The Fenix Gold Mine will initially operate as a 20,000-tonne-per-day heap leach facility, producing an estimated 82,000 ounces of
Over its lifetime, the mine is expected to yield approximately 1.3 million ounces of gold.Rio2 Breaks Ground on $235M Fenix Gold Mine in
(Photo Internet reproduction)Rio2 plans to expand production within three to five years, potentially increasing output to between 250,000
and 300,000 ounces annually by scaling operations to process up to 80,000 tonnes per day.A feasibility study on this expansion is set for
other investors.Wheaton has already provided $50 million as part of a pre-paid gold streaming agreement, with an additional $50 million
tranche expected later this year
Designed with sustainability in mind, the Fenix Gold Mine avoids crushing facilities and tailings storage to minimize its environmental
impact.Rio2 has also worked closely with local communities, including six indigenous groups, ensuring social and environmental
in modern mining while contributing to regional economic growth.
