Rio2 Limited has secured regulatory approval for the modified environmental impact study at its Condestable underground copper mine in Peru, unlocking the regulatory path to expand processing capacity to 10,000 tonnes per day.

The approved modification extends the operation's environmentally authorized mine life by a decade and provides the permits required for Tailings Storage Facility #6. That dry-stack tailings facility carries an initial permitted capacity of approximately 43 million tonnes, with a design capable of staged expansions up to 170 million tonnes to support future mine life extensions.

The approval concludes a 14-month regulatory process involving environmental authorities and local communities. Rio2 acquired its 99.1% interest in the Condestable copper mine from Southern Peaks Mining L.P. on January 30, 2026. The plant's tailings filtration facility was previously commissioned with an installed design capacity of 8,400 tonnes per day, while the new environmental approval lifts throughput capacity ceilings to 10,000 tonnes per day.

“The approval of the MEIA is a significant regulatory milestone for Rio2 and Minera Condestable and allows for several significant operational milestones,” stated Andrew Cox, President, CEO and a director of Rio2. “This decision extends our operating horizon, confirms our environmental approach with dry-stack tailings, and opens the regulatory path to expand operations to 10,000 tpd and beyond. With detailed engineering well underway, ore sorting trials scheduled for later this year, and continuous exploration across our concessions, we remain dedicated to maximizing the asset's full potential.” — Andrew Cox, President, CEO and a director of Rio2

Detailed engineering studies for both the processing plant and the underground mine are currently underway with third-party consultants. Rio2 targets making a final investment decision for the expansion during the second half of 2026.

To supplement mill feed from existing reserves, Rio2 has scheduled an ore sorting pilot program to commence in the fourth quarter of 2026, targeting existing low-grade stockpiles and waste dumps at the operation.

Read the full announcement: Condestable Mine Receives Approval of Modified EIA Paving the Path Forward for Expansion