Canada-based miner Rio2 has begun commercial gold production at its wholly owned Fenix mine in northern Chile, completing a $235mn development and shifting the project into operations, the company said on January 26, according to Mining.com.
The first official gold pour took place on January 23, producing about 897 ounces, following an earlier commissioning pour of roughly 358 ounces in December, the company stated. The two pours also generated around 131 ounces of silver, Rio2 added.
The Fenix project, located in the Atacama region along the Maricunga gold belt, was built on schedule and within budget, in line with company guidance. The mine operates as a run-of-mine heap leach facility, removing the need for crushing or tailings infrastructure, a design aimed at lowering environmental impact.
Construction began in early 2025 and generated approximately 1,200 jobs during the build phase, with about 550 permanent roles expected over the mine’s projected 17-year operating life.
Rio2 is now increasing processing capacity towards a planned throughput of 20,000 tonnes per day over the remainder of the year. Based on its current production plan, the company is targeting annual output of between 60,000 and 70,000 ounces of gold in 2026.
Executive chairman Alex Black said the first pour concluded a development process that began following Rio2’s 2018 merger with Atacama Pacific Gold Corporation. He attributed the project’s delivery to operational discipline and project management.
The Fenix mine is expected to become the company’s main producing asset as Rio2 pursues regional expansion. The group recently announced the acquisition of the Condestable copper mine in Peru, broadening its exposure beyond gold.
© 2026 bne IntelliNews, source Magazine