Canada’s Rio2 (TSX-V: RIO) has received the final $50 million payment 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 completes a four-part funding agreement under a precious metals purchase and pre-pay arrangement first announced in 2021. With this latest tranche, Rio2 has now received all committed financing from Wheaton to support Fenix’s development.
The $235-million project, located in Chile’s Atacama region, will operate as a run-of-mine heap leach facility, eliminating the need for crushing or tailings infrastructure to reduce its environmental impact. Construction began in February and is expected to create about 1,200 jobs during the build phase and 550 permanent positions over the mine’s 17-year life.
According to a 2023 feasibility study filed under…
