Rio2 Secures $150 Million Financing Package to Develop Fenix Gold Project, Chile
[Click image to enlarge]
Rio2 Limited has arranged a mine construction financing package expected to total approximately $150 million for construction and general working capital of the company’s 100 percent owned Fenix Gold Project in Chile.
This funding package marks a significant de-risking milestone for Fenix Gold, and with all key sectorial permits for construction now in hand, Rio2 is positioned to fully execute the development, ramp-up, and operation of the Fenix Gold mine.
Rio2’s financing package includes a $120 million agreement with Wheaton Precious Metals International and a public offering of common shares aimed at raising up to $29 million.
“This financing package is the result of a competitive and comprehensive process undertaken by the company, with the assistance of Endeavour Financial as its advisor, to secure the optimal financing solution for the construction of our Fenix Gold mine,” said Alex Black, executive chairman of Rio2.
“Wheaton’s expanding commitment to us validates the quality of our Fenix project, and their continued backing as a cornerstone financial partner, in addition to the support of our shareholders, has put Rio2 in a position of certainty to fund Fenix to production,” added Black.
“We are highly excited to advance construction in a responsible manner, build the next gold mine in Chile, and generate material value for all Rio2 stakeholders,” concluded Black.
“We are excited to continue our support of Rio2 and Fenix with this project financing package. Fenix is a highly attractive, scalable gold project located in a well-known mining jurisdiction,” said Randy Smallwood, president and CEO of Wheaton.
“Alex and his team have a strong track-record of success building and operating world-class mining operations in South America, and our continued investment in Rio2 and Fenix represents our confidence in the team and the project,” added Smallwood.
Rio2 Limited is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as successful capital markets track record. Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible time frame based on a staged development strategy. Rio2 and its wholly owned subsidiary, Fenix Gold, are companies with the highest environmental standards and responsibility with the firm conviction that it is possible to develop mining projects that respect the three pillars (social, environment, economics) of responsible development.
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2024 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
