Rio2 secures $50m from Wheaton for Chile gold project
Toronto-listed Rio2 has received a final $50-million deposit from Wheaton Precious Metals to advance construction of its Fenix gold project in Chile, one of the largest undeveloped gold oxide, heap leach projects in the Americas.
The payment marks the fourth and final tranche under a precious metals purchase agreement and flexible pre-pay arrangement originally announced in 2021, Rio2 said.
The $235-million Fenix gold development will be a run-of-mine heap leach operation, avoiding the need for crushing or tailings facilities to minimize its environmental footprint. The project, located in Chile’s Atacama region, is expected to generate about 1 200 jobs during construction and 550 positions once in operation over its 17-year mine life.
Fenix hosts measured and indicated resources of 4.8-million ounces of gold, according to a 2023 feasibility study filed under Canada’s National Instrument 43-101 standards.
Rio2 said the latest funding from Wheaton would support ongoing mine construction activities as the company targets first gold production under a staged development plan.
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