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An announcement from Rio2 ( (TSE:RIO) ) is now available.
Rio2 Limited has announced that its Chilean subsidiary, Fenix Gold Limitada, has signed MOUs with two companies for potential desalinated water supply to the Fenix Gold Mine. This initiative marks a significant milestone for the mine’s expansion, potentially making it the first to transport desalinated water from the coast to a high-altitude mine in Chile’s Atacama Region. The expansion aims to increase production to 80,000 tonnes of ore per day, with a target of producing at least 300,000 ounces of gold annually over a decade. The project is expected to have a transformative impact on Rio2’s operations, contributing positively to the Atacama Region and Chile’s economy.
The most recent analyst rating on (TSE:RIO) stock is a Buy with a C$2.15 price target. To see the full list of analyst forecasts on Rio2 stock, see the TSE:RIO Stock Forecast page.
Spark’s Take on TSE:RIO Stock
According to Spark, TipRanks’ AI Analyst, TSE:RIO is a Neutral.
The overall stock score for Rio2 Limited is 50. The company’s main strengths lie in its technical analysis, suggesting potential upward momentum, and corporate events, with positive developments in the Fenix Gold Project. However, these are significantly offset by poor financial performance, with no revenue and consistent losses. Valuation remains a concern, with a negative P/E ratio and no dividend yield, indicating risks for investors.
To see Spark’s full report on TSE:RIO stock, click here.
More about Rio2
Rio2 Limited is a junior mining company operating in the gold mining industry, primarily focused on the development of the Fenix Gold Project in the Atacama Region, Chile. The project is one of the largest undeveloped gold oxide, heap leach projects in the Americas, with a significant investment aimed at producing 300,000 ounces of gold per annum and generating substantial employment opportunities.
Average Trading Volume: 429,061
Technical Sentiment Signal: Buy
Current Market Cap: C$768.6M
For an in-depth examination of RIO stock, go to TipRanks’ Overview page.