Rio2 completed the acquisition of a 99.1% stake in Condestable mine from Southern Peaks Mining for $217m.

Rio2, a mining company with a focus on development and mining operations, completed the acquisition of a 99.1% stake in Condestable mine from GNRI-backed Southern Peaks Mining, a private business, for $217m. “The acquisition of the Condestable Mine is the result of six months of rigorous due diligence and negotiations with Southern Peaks. Rio2 sees the Acquisition as a positive step for the Company in its quest to become a diversified and highly profitable Latin American miner. Southern Peaks has put the mine on a strong footing during its twelve years of ownership, and Rio2 looks forward to continuing to capitalize on this solid foundation and grow resources/reserves and production over the coming years," Alex Black, Rio2 Executive Chairman.