Rio2 Ltd, a mining company based in Canada, has announced that its wholly owned subsidiary, Fenix Gold Limitada, received a value-added tax (VAT) refund of 4.1 billion Chilean pesos (approximately $5.1 million). The refund was obtained through a special program that allows for the accelerated refund of VAT credits on capital expenditures. This refund, along with a previous refund of $1.3 million received by another subsidiary, Lince S.A., will provide additional working capital for the advancement of the Fenix Gold Project in Chile. The company expects these funds to sustain its operations until the second quarter (Q2) of 2024. Rio2 remains committed to environmental standards and sustainable development in its mining projects.
Summary: Rio2 Ltd has received a significant VAT refund through a special program for its subsidiary in Chile. The refund, totaling $5.1 million will support the ongoing development of the Fenix Gold Project. With the additional funds, Rio2 is funded until Q2, 2024. The company emphasizes its commitment to environmental responsibility and sustainable mining practices.