Rio2 Condestable Expansion Initiates as Fenix Recovers for Fourth Quarter Commercial Production - Crux Investor

AI desk brief

Rio2 said its Fenix Gold mine in Chile is now expected to produce about 40,000 oz in 2026, down from the prior 60,000–65,000 oz guidance after two severe winter storms disrupted ramp-up. The company says leach-pad freezing has been resolved, stacking recently hit a record 30,000 tpd, and Fenix remains on track for Q4 commercial production, with management targeting 20,000 tpd in October and possibly 25,000 tpd by year-end.

Condestable in Peru is providing a steadier production base, with throughput now approved to rise from 8,400 tpd to 10,000 tpd and Rio2 preparing a ~$50 million plan to lift plant capacity to 12,000 tpd. The mine produces about 25,000 tonnes of copper equivalent annually, including gold and silver credits, while Fenix’s BFS expansion is awaiting water-cost input and a water-provider decision is expected within about a month.