The capex for the construction in 2025 is estimated at $122m. Credit: Rio2.

Canadian mining company Rio2 has officially commenced the construction of its Fenix Gold Mine in the Maricunga Gold Belt of the Atacama region in Chile.

The completion of construction is scheduled for November 2025, with the first gold production targeted for January 2026.

The Fenix Gold Project is considered to be one of the largest undeveloped gold oxide, heap leach projects in the Americas, according to the company. It has a measured and indicated mineral resource of 4.8 million ounces (moz) of gold.

The project is designed with comprehensive “technical, environmental and social considerations”, reflecting a modern approach to gold mining. It represents an investment of approximately $235m (C$336.94m) in initial and sustaining capital.

The capex (capital expenditure) for the construction in 2025 is estimated to be $122m, excluding the refundable Chilean VAT tax.

The mine will operate as a run-of-mine heap leach operation, and requires no crushing or tailings storage facilities, thereby reducing its environmental impact.

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The construction phase is expected to generate employment for at least 1,200 people, with a further 550 jobs during the 17-year operational phase.

In December 2024, Rio2 announced that HLC Chile was awarded a fixed-price agreement worth $49m (47.21bn pesos) for the construction of the processing plant and the adsorption, desorption and gold recovery (ADR) plant, along with the necessary infrastructure and site electrical distribution systems.

in October 2024, Rio2’s Chilean subsidiary, Fenix Gold Limitada, obtained all necessary sectorial permits to initiate the mine’s construction.

The company secured debt and equity financing of approximately $150m for the construction of the project during the same month, including $120m from Wheaton Precious Metals International.