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Rio2 closes sale of Anocarire mining concessions
2021-12-22 12:11 ET - News Release
Mr. Alex Black reports
RIO2 LIMITED RECEIVES US$5 MILLION ON SALE OF NON-CORE ASSETS
Rio2 Ltd. has closed the sale of the Anocarire mining concessions by Fenix Gold Ltda., a wholly owned subsidiary of Rio2, to Andex Minerals Chile SpA following the successful completion of Andex's purchase option.
The Anocarire mining concessions were one of the non-core assets resulting from the Company's business combination with Atacama Pacific Corporation in July 2018. The concessions are located in the district of Putre, Province of Parinacota, Region I, Chile, approximately 120 km east of Arica and 60 km southeast of the town of Putre. There are no development synergies between the future Fenix Gold Mine and the Anocarire concessions.
The total consideration received by Rio2 are cash payments totalling US$6,400,000 and a 1.5% NSR made up of US$5,000,000 received at closing and US$1,400,000 received in partial payments over the past three years; and the grant of a 1.5% net smelter return royalty in respect of all mining products extracted from the Project from the start of commercial production for a period of one hundred years.
Jose Luis Martinez, Rio2's Executive Vice President and Chief Strategy Officer, stated, "the sale of this non-core asset adds an additional US$5,000,000 of available funding to support Rio2's strategic business initiatives other than the construction of the Fenix Gold Project which has its project financing arranged to production."
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