Rio2's Chilean subsidiary, Fenix Gold Limitada, has secured all the necessary sectorial permits to commence construction of the Fenix Gold Mine in the Atacama region of Chile.

This marks a significant milestone, paving the way for the development of one of the largest undeveloped gold oxide, heap leach projects in the Americas.

The sectorial permits obtained include authorisations for mining methods, a process plant, waste dumps and stockpiles, and the closure plan.

These approvals are the final governmental authorisations required for the construction phase and future operations of the Fenix Gold Mine.

Rio2 has been collaborating with its financial advisor, Endeavour Financial, to identify the most advantageous financing solution for the project.

The company is currently evaluating several financing proposals from interested parties, with due diligence under way with selected financing sources.

With an estimated initial and sustaining capital investment of approximately $235m (214.29 pesos), the project is expected to create employment for around 1,200 individuals during the construction phase and maintain 800 jobs throughout its 17-year operational lifespan.

The planned mine will operate as a run-of-mine heap leach, eliminating the need for crushing or tailings storage facilities.

Rio2 president and CEO Andrew Cox said: “The team at both Rio2 and Fenix Gold have done a great job in obtaining these permits, which will allow the company to complete its debt and equity financing for the construction phase of the mine.

“We look forward to rapidly continuing to unlock value for all our stakeholders by progressing the Fenix Gold Mine towards an anticipated construction start in November of this year.”