Rio2 Limited has announced a major step forward in its plans to expand the Fenix Gold Mine in Chile’s Atacama Region. Its Chilean subsidiary, Fenix Gold Limitada, has signed two Memorandums of Understanding (MOUs) with companies operating desalinated water distribution facilities in the Copiapó area.
These agreements initiate studies to assess the feasibility of supplying desalinated water to the high-altitude mine—potentially marking the first time such water is transported from the coast to a mine in the region.
Strategic Milestone for Expansion
Andrew Cox, President & CEO of Rio2, described the MOUs as a “significant milestone” for the mine’s future expansion. Executive Chairman Alex Black praised the Fenix Gold team’s efforts, noting that the next five years will be “transformational” for the company, with first gold production expected in January 2026.
Study and Development Timeline
Each water provider will conduct a four-month conceptual study. Based on the results, Fenix Gold will select one provider to develop a full feasibility study. If approved, the parties will enter exclusive negotiations for a Joint Development Agreement, with the option to include other mining partners.
Projected milestones include:
- Pre-feasibility study: Q1 2026
- Mineral reserve/resource update: Q4 2026
- Feasibility study completion: H2 2027
- Capital approvals: Q1 2029
- Completion of water infrastructure and mine expansion: H2 2030
- Ramp-up to increased production: H2 2030
This initiative supports Rio2’s long-term strategy to enhance operational sustainability and resource efficiency in one of the world’s driest regions.
(Source: Yahoo Finance)