Rio2 Reports US$115.4 Million Quarterly Revenue
Snowstorms disrupted Fenix Gold mining in Chile while Rio2 posted US$50 million in adjusted EBITDA for the September quarter.
Updated on Nov. 11, 2026 in Current Conditions
Rio2 Limited reported US$115.4 million in revenue and US$50 million in adjusted EBITDA for the quarter ended September 30, 2026. Two major snowstorms and further snowfall and high winds disrupted mining and processing at the high-altitude Fenix Gold mine in Chile.
Why it matters
The storms show how high-altitude mining operations can be disrupted by severe weather linked to the El Niño pattern. Weather-related interruptions can affect output and cash flow at mines in the region.
Snow across parts of the Fenix Gold project reached up to five metres, and the mine produced 8,500 ounces of gold during the period. Forecast monthly output of 4,000 ounces in October, 6,000 in November and 7,000 in December remains conditional on site recovery.
The players
Rio2 Limited
A mining company operating the Fenix Gold mine in Chile and the Condestable copper mine in Peru.
The details
Two major snowstorms hit the Fenix Gold mine in July and August 2026, followed by snowfall and high winds in September. Site crews kept the leach pad and adsorption-desorption-recovery plant running during the storms. Rio2 also reported that its Condestable copper mine in Peru mined more than 700,000 tonnes of ore, producing 9.6 million pounds of copper.
Timeline
July 2026: First of two major snowstorms hit the Fenix Gold mine in Chile.
August 2026: Second major snowstorm hit the Fenix Gold mine.
September 2026: Further snowfall and high winds hit Fenix Gold as the quarter ended.
October 2026: Conditional gold production of 4,000 ounces forecast at Fenix Gold.
January 2027: Drilling at Fenix Gold scheduled to resume.
Seasonal Patterns
The storm events were associated with the El Niño weather pattern, which is known to bring heavier snowfall to parts of the Andes. The disruptions at Fenix Gold show how that seasonal driver can translate into operational setbacks for high-altitude mines.
Mining operations at high altitude face weather-related delays that can slow output during severe snow events. Readers tracking mining supply or commodity prices should watch for official production updates as conditions improve.
The takeaway
Severe weather can quickly reduce output at remote mines, so production forecasts tied to site conditions should be read with that uncertainty in mind. Ongoing monitoring of conditions at operations like Fenix Gold will show whether the planned ramp-up holds.
What happens next
Fenix Gold drilling is scheduled to resume in January 2027, and monthly gold output is forecast to rise from October through December 2026.
Further reading
For ongoing weather impacts across the region, see Current Conditions.
